Las Vegas Market Stats

It's time for your weekly dosage of market stats!  Here there are along with some other useful information to educate your clients!

Available:
5,853 Total
15% are bank owned
34% are short sales
51% are regular sellers

Put into Escrow:
1,467 Total
29% are bank owned
45% are short sales
26% are regular sellers

Closed Escrow:
707 Total
38% are bank owned
27% are short sales
35% are regular sellers

The big discussion since AB284 is inventory.  Where is it?  Are prices going to sky rocket again?  Once the banks figure it out, will they flood the market again?

Let's talk about what we've got going on right now.  In March 3,832 homes were listed for sale.  In March 2011 we listed 4,830.  That also happens to be the biggest deficit thus far compared month to month.  So yea, if you haven't been able to tell by the multiple offers above list price, inventory is WAY down... and, those banks that we've counted on to keep supplying us with homes are stuck under the AB284 law. 

I attended a meeting for the Las Vegas Real Estate Club about 3 weeks ago and my friend, Steve Hawks, summed it up nicely, he basically said that AB284 is only negatively affecting about 4,000 of us here in Nevada (that would largely by us real estate agents) and it's helping over 800,000.  What politician is going to use eliminating AB284 as a platform?  It's created a false boost in our economy.  Car sales are up... but I guess you can afford a nicer, newer car when you aren't paying your mortgage.

So, what is my point?  It's tight out there right now.  You've got to know how to work this market to make it through this market.  It's just like when we shifted to REO.  Those who were in it and committed, adjusted to the market.  

You've got to understand the market in order to adjust to the market.  There will be plenty of massively successful agents during this time.  Will you be on of them?