Las Vegas Real Estate Market Data Report 4.14.2008

Pending Sales Blow Past 5,000 Mark!  In just a short 15 weeks of 2008, Pending sales have increased 126%.  The market continues to absorb existing inventory.  As a result, the supply of listings has fallen from 25 month supply to just over 13 months.  These are signs of a recovering market.  Listing inventory continues to decline albeit it slowly.  Year-to-date closings for 2008 continue to narrow the gap versus 2007 at 21.5% behind last year.  Not bad considering in January the market was behind 40 plus percent when compared to last year.  The million dollar market appears stable with little movement in pending sales and closings.  After a relatively stable 1st quarter for loft/mid-rise/high-rise market, new initial closings in Trump, Palms, and Allure towers may add more inventory to the mix in the coming weeks.  There may be some good buyer opportunities in the luxury condo market.

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