Prices Will Soon Start to Inch Higher, if… pending sales continue to maintain their numbers. Pending sales continue to climb and are poised to break through the 60
00 mark in the next week or two. Couple the pending sales with the trend on available listings and supply will continue to dwindle. The Las Vegas real estate market continues its road to recovery. Look at the month’s supply. Supply has dropped more than 55% since the first of the year. This week marks the first time in well over a year where the supply of listings has dropped below 12 months. A 5 month supply is considered a market in equilibrium – neither a buyer nor seller’s market. The Las Vegas real estate market has moved 3/4 of the way to equilibrium in just 4 months. Buyers are having a tough time buying homes in the low end due to multiple offers – virtually everything selling is bank owned or subject to bank approval. Yet, there is good news around the corner for sellers who still live in their homes – the Las Vegas market is getting healthy and soon you’ll find favor in it again.
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May 7, 2008 at 12:41 pm
WOW are we seeing changes in the market. Calls are still coming in daily with great news from REALTORS. Short Sales are being looked at a little quicker. The most important item that I want to share today is that although Countrywide has always been against approving any Short Sale that is on a NonOwner Occupied Seller. Effective immediatly these will be considered right along with all Owner Occupied/Vacation Home Sellers. This is a huge change. I believe that most kinks in a short sale have been worked out and the process is becoming much more streamline.
May 31, 2008 at 5:02 pm
[...] not without fault. I don’t have the May 17 GLVAR MLS figures in front of me, but I do have figures from earlier in the month. And according to those, about half of the roughly 22,000 available properties in the MLS are [...]