Las Vegas Real Estate Market Snapshot 3/10/2008

Listings Down, Pending Pass 4,000!  While it may be too soon to say the market is in a real recovery, one has to be encouraged with the increase in Sold listings and Pending sales.  More deals require more;  More loans, more appraisals, more escrow and title needs, more home inspections, and on and on.  This is good news.  Listings continue to decline.  In 2007, week 10 offered 1500 more listings on the market than on January 1.  This year listings are down 1441 since January 1.  The rental market has improved significantly this year.  Supply of rentals homes are down to 2.5 months supply of rentals.  Some property managers are reporting no vacancy or near full inventories – the first in recent memory. The outlook continues to remain strong as new jobs come online monthly from here to 2010.  Can rent rates be on the increase as a result of this tighter supply?  Stay tuned.

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