HOLY LOW AVAILABLE INVENTORY BATMAN: Las Vegas NV Area Market Watch March 2012 (includes Henderson & North Las Vegas)

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Services for Real Estate Pros with Savvy Home Pix B.1000860.LLC

Las Vegas Homes For Sale

**The Freefall Inventory Plunge Continues in Las Vegas!!!**

We are still squeezed for inventory.  New REO listings are few and far between thanks to AB 284 with currently no end to that drama in sight.  Multiple offers on well priced homes are widespread. Everyone from first time buyers to investors are taking advantage of "opportunity".

Read more about Las Vegas Real Estate Inventory Analysis here and consumers may comment on this post.

Las Vegas Area Real Estate Market Watch was created for informational purposes only.

This is for all the buyers wondering "where is the inventory"? The inventory is here, this graph shows that buyer interest is extremely high and gobbling up all that new inventory coming online!

This is also for people saying "shadow inventory exists"! Well I believe it exists but it also exists in Las Vegas short sales which has tripled to quadrupled it's formerly stagnant close ratio since late spring.

These are Listing/Under Contract & Pending/Sold Trends from December 2007-March 2012.

Contracted closings are stalled because of the large amount of Las Vegas short sales that are contracted.

Posted by

Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

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Rainmaker
1,183,745
Adrian Willanger
206 909-7536 AdrianWillanger-broker.com - Seattle, WA
Profit from my two decades of experience

Renee, quite a gap between contracted and closed sales in February. Hopefully more sellers will becoming to the table once they figure the buyers are out. 

Mar 18, 2012 02:26 AM #1
Rainmaker
1,059,464
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Broker Burrows, your trend is likely double what we see here at roughly 12 to 13% less inventory.  It's certainly touch and go this year. 

Mar 18, 2012 03:08 AM #2
Rainmaker
820,870
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Renee, it's 2005 all over again.  Very little inventory, homes being bought sight unseen the first day on the market with multiple offers - it's crazy!!!  Las Vegas homeowners who want to sell their home should call Renee Burrows 702-966-2494

Mar 18, 2012 03:14 AM #3
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Sharon Paxson
Compass - Newport Beach, CA
Newport Beach Real Estate

HI Renee - we are seeing similar trends with multiple offers on homes. It is competitive, and buyers should offer their highest and best offer.

Mar 21, 2012 02:33 AM #4
Rainmaker
325,921
Esko Kiuru
Bethesda, MD

Renee,

This could then start pushing the price level up, according Econ 101. Let;s hope it does and soon.

Apr 12, 2012 12:46 PM #5
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Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Thanks everyone for the comments!

Esko - buyers are still very price sensitive and 10% seems to be about the threshold at the moment!

Apr 15, 2012 05:44 AM #6
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