Las Vegas Market Stats!

This week we've got 3,974 homes in ER (available status).

Of those, 8% are bank owned, 24% are short sales and 68% are private sales.

Last week there were 949 that went into escrow.  Of those, 16% were bank owned, 55% were short sales and 29% were private.

There were 510 homes that closed escrow!  Of those, 17% were bank owned, 40% were short sales and 43% were private.

There were 37 homes that Expired off the market!!!

Las Vegas Market Stats!

Here they are!  I've noticed that the inventory is etching up-just a little!!!!! 

Available:  3,880.  9% REO, 24% Short Sale, 67% Equity

Escrow Last Week:  964.  18% REO, 49% Short Sale, 33% Equity

Closed Last Week:  565.  20% REO, 42% SS, 38% Equity

Last week there were 49 homes that Expired from the MLS that were not Short Sales and were not REO's!

Hobby vs. Business

I've been tracking our market and the the stats for years now.  It's a pretty simple process that takes all of about 15 minutes of my day on a Monday.  It's in my calendar.  I'm not a "numbers" person, I'm not the "analytical" type.  Most effective sales people aren't.  I learned early on that this isn't about being the "numbers" guy, this is about knowing what you're up against.  Knowing how to pull your market stats and use them to help buyers and sellers make the best decisions they can about saving money and making money.  I mean, knowing your market is right up there with knowing how to protect your client in negotiations.... and, the truth is, you may not ever get that far if you aren't savvy on the market-I mean, who wants to work with someone who has no idea about the conditions???  Maybe this is just me on my soap box (again)....

At any rate, week after week, I hear stories from agents who follow my market stats religiously about how they used the stats to get a Buyer off the fence... to help the Seller list at a realistic price, all of which caused the client to make more money, save more money, get the house they wanted, move out of the house they were done with.

Here are the stats for today!  I hope you use them and I hope they help you.  If you need help on scripts when utilizing these numbers then give me a call or enter your information on the right hand side of this page.  I'd be more than happy to sit down with you and show you how to use this information to increase your bottom line.

This Week:

3,755 Available SFR.  Of that; 9% are bank owned, 24% are short sales and 67% are equity/other.

Last Week:

Only 839 homes went into escrow.  Of that; 21% were bank owned, 48% were short sales and 31% were equity/other.

There were only 346 homes that closed escrow.  Of that; 24% were bank owned, 38% were short sales and 38% were equity/other.

The inventory seems to be pretty stable at around 3,800 for the past several weeks.  I'm noticing a decline in accepted offers and closings week to week.

Something else to notice, last week there were only 34 homes that Expired (Failed to Sell) that were not bank owned and not short sales.  This number is usually about 80 for the week.  Less homes are expiring.. are the selling or sitting?  Equity accounts for nearly 70% of the available market... yet only 38% of what is closing.  It's the same only reverse for bank owneds...ONLY 9% of the available market and 24% of the closings.

It's not easy out there.  But it's totally doable.  There are people that have been selling real estate for 30 years.. they've made it through 18% interest rates, the boom of 2003 and the fall thereafter.  It's knowing the market and adjusting your skill level to make it work.

It's the difference between real estate being a hobby or a business.  Which is it for you?

Las Vegas Market Stats!

There are ONLY 3878 SFR homes available in Las Vegas/Henderson right now!  Of that, 10% are Bank Owned, 27% are Short Sales, 63% are Equity Owned!

Last Week 958 went into escrow.  Of those, 22% were Bank Owned, 48% were Short Sales and 30% were Equity Owned!

Last Week 622 Closed escrow.  Of those, 30% were Bank Owned, 36% were Short Sales and 34% were Equity Owned.

For those agents who are calling Expireds, last week there were 45 that were not REO's or Short Sales!

Las Vegas Market Stats!

The Stats are in!

I switched it up a little bit.  From now on, the stats will only reflect SFR.  In other words, no condos, multi-family or land.

There are currently 4,048 homes available.  12% are Bank Owned (only 501).  27% are Short Sales and 61% are Equity Sellers.

Last week 899 went into escrow.  24% are Bank Owned.  44% are Short Sales and 32% are Equity Sellers.

Last week 548 homes closed escrow!  31% are Bank Owned.  33% are Short Sales and 36% are Equity Sellers.

Last week alone, 48 Equity Sellers Expired and fell off the market.  This is an opportunity for agents!

Our market has gone from a healthy 6 month supply of homes just 6 months ago to this.... We have roughly a 1 month supply of property!  Supply is low, demand is high!