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!

Youngblood Coaching & Consulting Radio Feature!

Click Image to Hear the Show! After being asked by the regional owner of Exit Realty, Brandon Roberts, and his partner, Vandana Chima to be a guest on their weekly radio show, I simply couldn't resist!!!

We truly had a blast. 

Take a listen, it will give you a flavor of my style.  Listen for my tips on what agents can do TODAY to put their business back on track.

Brandon and Vandana do a great job keeping agents and the public informed every week.  I encourage all of you to tune in!  You can hear and SEE the show streaming live on Thursdays at www.lasvegasrealestateEXposed.com.  Show starts at 11am PST.  You can also listen to shows from the archives at www.exitrealtynv.com, then click on Radio Show/Podcasts.

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?

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!