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!

Las Vegas Market Stats

Here are the market stats for last week in Las Vegas, NV!

8,177 available homes/condos/townhomes.  This doesn't include land or multiple dwelling units.

42% are Short Sale listings.

16% are REO, or bank owned listings.

42% are Other, equity listings.

Last week 1,723 went into escrow, has an accepted contract.

47% are Short Sales.

31% are REO's.

22% are Other's.

Last Week there were 1,041 properties that Closed escrow!

31% were Short Sales.

39% were REO's.

30% were Other's.

Currently there is a less than 5 weeks supply of homes on the market.  The inventory is trending downward which typically creates a rise in pricing.  With interest rates still at all time lows, it's an awesome time to buy a house!

In February 3,640 homes Closed escrow, 47% of those were asking LESS THAN $100,000. Of that, 52% were REO's.  Prices are low, inventory is lower and so are the interest rates.

The Market Stats posts are designed to help agents better understand the market.  As agents we simply provide market information to our clients in ways that make sense to them. 

How can you help your clients make an educated decision if you yourself are not educated? 

Check out my weekly Market Stat update!