The Las Vegas Valley has seen some major market stabilization in the last half year. Absorption is a healthy 8 months of inventory (compare it to 22.5 months inventory in Nov/Dec!)
Here is a snapshot of valley listings:
(Nov/Dec 2007) All SFR, Townhome, Condo Listings:
- Listings (12/9/2007): 25691
- Under Contract (12/9/2007): 2304
- Sold November: 1137
- Month's Inventory: 22.5
(Jan/Feb 2008) All SFR, Townhome, Condo Listings:
- Listings (2/10/2008): 23665
- Under Contract (2/10/2008): 3107
- Sold January 2008: 1164
- Month's Inventory: 20.3
(Feb/Mar 2008) All SFR, Townhome, Condo Listings:
- Listings (3/20/2008): 22,644
- Under Contract (3/20/2008): 4516
- Sold February 2008: 1318
- Month's Inventory: 17.2
(Mar/April 2008) All SFR, Townhome, Condo Listings:
- Listings (4/16/2008): 21983
- Under Contract (4/16/2008): 5390
- Sold March 2008: 1747
- Month's Inventory: 12.6
(April/May 2008) All SFR, Townhome, Condo Listings:
- Listings (5/13/2008): 21236
- Under Contract (5/13/2008): 6283
- Sold April 2008: 2063
- Month's Inventory: 10.3
(May/June 2008) All SFR, Townhome, Condo Listings:
- Listings (6/12/2008): 20674
- Under Contract (6/12/2008): 6847
- Sold May 2008: 2418
- Month's Inventory: 8.6
(June/July 2008) All SFR, Townhome, Condo Listings:
- Listings (7/15/2008): 20744
- Under Contract (7/15/2008): 7092
- Sold June 2008: 2588
- Month's Inventory: 8.0
In a Little Under One Month: Listings are up 70 units, pendings are up 245 units, closings are up 170 units and absorption is down 0.6 months. We are only seeing a 37.8% 30 day pending to close ratio right now.
I expect pendings to level off in the next month after the explosion of the last 6 months.
If you are looking to buy a home in the Las Vegas, Enterprise, Paradise, Henderson Area, please call us for a free buyer's representation consultation today at: 702-966-2494. Press option 1
Seems like great news for you and for us! We receive a large number of inquiries from Las Vegas - glad to see the positive movement in pendings.