Las Vegas Area Real Estate Market Watch was created for informational purposes only.
This is for all the buyers wondering "where is the inventory"? The inventory is here, this graph shows that buyer interest is extremely high and gobbling up all that new inventory coming online!
This is also for people saying "shadow inventory exists"! Well I believe it exists but it also exists in short sales which has tripled to quadrupled it's formerly stagnant close ratio since late spring.
These are Listing/Under Contract & Pending/Sold Trends from December 2007-May 2010.
I do expect a frenzy of pendings & closes as the tax credits for first time buyers comes to a contracted halt at the end of April. Pendings have also begun their traditional "spring" rise. Let the closings begin! I also believe contracted closings are stalled because of the large amount of short sales in the valley.