Inventory is increasing RAPIDLY. This may be due to the first time buyer's tax credit expiring. This is also good news as we could emerge from the extreme seller's market that we have been in for over a year to a stable market in about 8 months (with a consistent increases like the ones we have seen this month.)
Las Vegas Area Market Activity (Includes North Las Vegas, Henderson and Las Vegas)
- Listings (7/15/2010): 11716
- Under Contract (7/15/2010): 14628
- Sold June 2010: 4126
Short Sales:
- 45% of Listings
- 34% of Sales
REO (Foreclosures, Bank Owned:)
- 21% of Listings
- 40% of Sales
In One Month: Listings are UP +1168 units, Contracted Listings DOWN -1120, Sales are UP +613 units. Close ratios are going lower because much of the pending inventory is short sales which requires LONGER close times.
DOWN PAYMENT ASSISTANCE HAS NOT ENDED FOR FIRST TIME BUYERS, HOWEVER!!
