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.

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!