Las Vegas Real Estate Market Snapshot 10.15.2007
What’s the Difference in Sixty Days? Just over 60 days ago the mortgage market began to implode and many loan programs disappeared overnight. Buyers waiting to close – could not. Sellers had to unpack moving vans and start the market process all over again. What’s happened since then? Comparing numbers to the Snapshot on August 13, the Las Vegas market has moved more in 60 days than in the entire year in most cases. The number of homes for sale as “short sales” have icreased 39% from 9.5% of available listings to 13.2%. Bank repos listed in mls as “repo” are 1792 today versus 1192 just sixty days ago, an increase of 50%. Total listing inventory (SFR,condo, TH)grew by 1.8% to 27184 in the mls in the Las Vegas valley. While inventory is moving up and vacant homes are now almost 50% of all homes on the market – selling them is even tougher. The Pending Index (sales acitivity) has dropped 21%. The months supply (inventory divided by 30 days of sales) is at a market high of 23.4 months – an increase of 26% in 60 days. What is the good news? Lenders will more than likely re-introduce some more flexible financing as we close in on the end of the year. Can the market wait?
December 9, 2007 at 12:10 am
Thanks for all the support and great leadership for RE/MAX Advantage Ls Vegas Nevada.