Las Vegas Real Estate Market Snapshot 3.24.2008

The Pending Numbers Keep Increasing!  After months and months of reporting the same news (more inventory and slowing sales) I am relegated to reporting similarly mundane news but positive for agents and our economy.  Listing inventory is holding tight with a very slight reduction in active listings.  Pending sales continue to increase for the 11th straight week and now are 100% higher than just 11 weeks ago.  Higher pending sales are indicators of future closings and the effect is seen in two areas.  One, closing numbers in the last 30 days are 49% higher than the turn of the New Year.  But importantly, the month’s supply of homes has diminished significantly to 15.55 months.  A 5 month supply is considered to a balanced market.  While we are a long way away from a balanced market, the supply is down from 27 months just 4 months ago.  Thinking about buying a home?  Now is the time.  Virtual lines are forming in some price points.

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This entry was posted on Tuesday, March 25th, 2008 at 6:15 am and is filed under Las Vegas Market Data, Weekly Market Snapshots. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “Las Vegas Real Estate Market Snapshot 3.24.2008”

  1. RobertLittle@REMAX.NET Says:
    March 25, 2008 at 2:20 pm

    Thats’s great news Tim. The majority of these sales are bank repos, since they are the best deals, and the bank is pricing them at rock bottom prices in most cases to sell. I have already started to see this spillover into the resale market, as home sellers have gotten realistic and decided to lower thier prices. In fact I have a a buyer who decided to buy a resale that was priced right over a bank repo, because bank repos are getting mutliple offers, and in some cases going over list price. She decided she didnt want to play that game. Regardless, any time you have homes selling, namely inventory shrinking thats a good thing, that means suppply is starting to meet demand, and prices will follow.

  2. Mary Says:
    March 28, 2008 at 1:04 am

    We really need this so some can get out of these loans that certainly they should never had been approved for. The market will turn around but can we all hold out long enough?

    Mary
    http://www.Vegasbookmarks.com
    Home of the $99 Vegas Deal

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