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Entries in las vegas inventory (31)

Tuesday
Apr242012

Market Stats for Las Vegas!

Anyone doing business in Las Vegas knows that it's getting pretty aggressive out there.  Multiple offers, over list price offers, frustrated Buyers and Agents.

Here are the numbers for this week!

Available:

5,564

32% are Short Sales

15% are Bank Owned

54% are Equity Sellers

 

Put Into Escrow:

1,471

44% are Short Sales

29% are Bank Owned

27% are Equity Sellers

 

Closed Escrow:

745

29% are Short Sales

39% are Bank Owned

32% are Equity Sellers

 

Last week there were 79 Expired listings that were not Bank Owned or Short Sales.  Based on the inventory and the market, it would be a GREAT time to load up on some listings.  They are going to sell, there's nothing else out there!

Something else interesting to know:  Of the 1,471 homes that went into escrow last week, 39% of them were on the market LESS THAN 14 Days!

Let your clients know, things are moving fast.  There's no time to think it over... by the time you do that, the house will be GONE!

Monday
Apr162012

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?

Monday
Apr092012

Las Vegas Market Stats-What Does it ALL Mean?

It's time for another weekly dose of your Las Vegas Market Stats!

As of today there are;

6,092 SFR/Condos Available

35% are Short Sales

16% are Bank Owned (REO's)

49% are Equity WWWOOOOOWWWWWWZZZZZERS!!!

Last Week 1,469 went into escrow (accepted an offer)

46% were Short Sales

27% were Bank Owned (REO's)

27% were Equity

Last week 564 Closed Escrow!

25% were Short Sales

37% were Bank Owned (REO's)

38% were Equity

 

Though REO's have dominated the Las Vegas market the last couple of years, with the implementation of AB284, we've obviously seen that take a HUGE hit.  REO's are still moving, rapidly! 

If you've got Buyers looking at REO's (if you're selling homes then you probably do!) know this:  There are only 971 REO's available today.  Last week 404 went into escrow.  That means we currently have just over a 2 week supply of REO's.  Buyers need to MOVE if they want these homes.  We are back to multiple offers over list price!  Agents, if your Buyers are upset with the market, take responsibility.  It's up to us as the professional guiding them through the process to educate them on the market which means as agents we MUST actually track and understand the market and the trends!  Knowing the market is just as much part of your job as knowing how to use the MLS or fill in a contract... and truthfully, knowing the market will make you waaaaaaaay more money! 

Go get 'em!

 

Monday
Apr022012

Las Vegas Market Stats

It's already been another week since our last look at the market stats for real estate in Las Vegas. 

Here's what we've got!

Available:  6,540 SFR and Condos

16% of those are bank owned

36% are Short Sales

48% are regular equity listings (That's CRAZY)

New Escrows: 1,635 SFR and Condos

28% of those are bank owned

47% are Short Sales

25% are regular equity listings

Closed Escrow: 1,150 SFR and Condos (Month end so number is larger than normal!)

40% of those are bank owned

25% are Short Sale

35% are regular equity listings

 

As of today, if we didn't put one more home on the market, we would have just over a 5 week supply of homes.  What does it mean?

Competition is fierce right now.  It's like a perfect storm!  GREAT prices and killer interest rates.  It's great for Sellers and Buyers.

Monday
Mar122012

Las Vegas Market Stats

It's time for your weekly dose of MARKET STATS

As of today there are only 7,773 homes available!  YOWZERS, that's pretty low... no, that's VERY low.

Of those that are available, 41% are Short Sales, 16% are Bank Owned and 43% are Equity or Other.

 

Last week 1,671 homes went into escrow, accepted an offer. 

Of those, 47% were Short Sales, 29% were Bank Owned, 24% were Equity or Other.

 

And finally, last week 677 homes closed escrow! 

Of those, 27% were Short Sales, 39% were Bank Owned, 34% were Equity or Other.

 

Agents!!!  If you aren't using these numbers to encourage Buyers to get on the ball, you're not doing your job!  We all know what happens when inventory dips... prices go up.  I met with another top producer last week and we talked about the dip and what we thought it meant.  We both agreed that there is probably going to be a temporary inflation of home prices.  It will be short lived, we think, because it's been said that some of the larger banks are going to start doing foreclosures again.  If that happens then we will be flooded with REO's which could bring prices back to where they should be. 

How do you use these numbers?

So for your Buyers, if they want a house soon, they need to take advantage before the competition gets to rough.  Talk about multiple offer situations!!!

Sellers?  Well, it's a GREAT time to put a home on the market!  Especially when inventory is dipping.  When the inventory gets this low, you can almost always expect multiple offers on homes that are priced in the market.

I hope this helps at least one agent out there get one more deal this week!