My last two local blog posts (post 1) (post 2) proved to be slightly controversial for some so I am writing another to help explain it in greater details.
First off: I do not allow comments from non members for a reason. People who do not know the raw data are just chewing up, swallowing and digesting stuff they hear from the media. Yea, I got questions from non members asking why they cannot comment. I would like to keep accuracy within reach for my avid readers!
At the end of this post I have broken down inventory into several categories.
When you look at the entire Las Vegas real estate market: you see approximately 12 months of las vegas listings inventory. When you start breaking it down and looking at it by specific market, it paints another picture! The entire condo market is dismal compared to the townhome/single family home market. High rise condos are even WORSE!!!!!!!!
Let me explain what is happening here! People are still moving here at a good clip. Economic conditions are stable. Building permits are being pulled at 10-13 year lows. Back in January, I watched Las Vegas new construction inventory dwindle in the entry level single family market. What has happened is that the buyers have started to penetrate the inventory in that same resale market (under 300K). You can see that in the chart I made! The best place to sell and the worst place to buy is in the single family market between 225-250K. I was even astonished to see it moving all the way up to $300K.
As I said in my other blog posts, the subprime debacle still needs to be played out. I thought we would have more stuff fall out of escrow in the last month but it only flatlined. I have great hope that with the entry level market moving so well that it will trickle up to the mid, high and luxury levels of our market and then trickle into the condo market that needs so much help right now! How long will this take? I don't have a crystal ball.
This information is so important to sellers, to buyers and to investors in our market so they can set realistic expectations on what is happening before selling or putting in an offer to buy.
Type of Listing Listings Under Contract Sold(2/25/2007-3/25/2007) #Months Inventory +/-1 mo
All Listings 24282 3377 2011 12
All Condos 3843 354 191 20
Townhomes 1522 211 145 10
All SFR 18333 2724 1640 11
Hi Rise Condos 692 32 19 36
SFR Under 200K 376 102 47 8
SFR 200-225K 477 111 69 7
SFR 225-250K 1378 321 226 6
SFR 250-275K 2049 371 214 10
SFR 275-300K 2339 399 271 8
SFR 300-325K 1531 257 147 10
SFR 325-350K 1765 256 197 12
SFR 350-400K 2304 290 197 12
SFR 400-450K 1386 157 105 13
SFR 450-500K 1167 151 83 14
SFR 500-600K 1375 142 84 16
SFR 600-700K 883 105 40 22
SFR 700K-1MIL 1166 121 51 22
SFR 1-1.5MIL 506 62 31 16
SFR 1.5-3MIL 338 32 17 19
SFR 3-5 MIL 91 12 3 30
SFR 10+ MIL 10 0 0
Stats taken mid day 3/30/2007 from GLVAR MLS. ALL areas no other criteria except stated. All inventory includes manufactured homes.
