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.
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