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State of the Las Vegas Market

Real Estate Agent with The May Team- eXp Realty 43018
27,125!  Inventory surpasses 27,000 mark.  The Las Vegas market place offers more than 10 times the inventory today compared to 40 months ago. In April  2004 inventory dipped to less than 2007.  Year-to-date listings inventory is up 46.6 percent.  Troubling though is the number of pending sales. Pending sales are at a year low.  The Pending Index stands at 90 this week. This represents a 41% drop this year.  Additionally, the number of units sold in the last 30 days totaled 1312.  This is the lowest number this year.  What does all this mean?  The market will get tougher before it gets better.  REO listings grew by 8% in the last 7 days alone.  They now comprise an estimated 10% of the market.  Short sales account for 10.1% of current inventory too.  This means a growing number of homes are poised to become REO (foreclosures).  Looking for good news?  Sold units when compared to 2006 appear to holding ground where this year's closings continue to about 38% behind last year numbers.  Also in the good news category, the rental market continues to be very healthy.  A year's best 1556 leases (in the mls) were signed in the last 30 days and supply reduced to 2.7 months.

Comments (2)

Ken Wiseman
America's Caribbean Realty - Charlotte Amalie, VI
I am anxious to see if the Reno market passes 5000 on the market! 
Aug 31, 2007 04:30 AM
Larry Wright
nwRealty.Com - Tacoma, WA
Paul ... the NWMLS Seattle Metro inventory surpassed 64,000 a few weeks ago and is still climbing.
Aug 31, 2007 04:50 AM