Las Vegas Real Estate Market Snapshot 2.18.2008

The Right Mix?  Interest rates under 6 percent add to the new affordability of lower prices in the Las Vegas market.  Homes under $250K continue to slide right off the shelf; many times, above list price.  Will it last?  Probably not.  Not at this intensity, but this maybe insight to where the market is heading as we move closer to an impending housing shortage in late 2009 and 2010.  Pending Sales are at a one year high!  And many more listings will move to pending in the coming days as multiple offer situations take a few days to wiggle out.  Listing inventory conitnues to decline – opposite to historical trends for this part of the year.  After growing week after week for the past year, the Las Vegas inventory is beginning to contract and do so with an increase in buyer activity.  It is working on both ends.  There is a long way to go.  In 3 months time, will we look back and say the bottom was…?   

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