Las Vegas Area Inventory may drop below 20K units in as little as a couple of weeks if this keeps up. Pending units have gone up by over 1K and inventory has dropped by over 1K since my last pendings report. I don't think we have been below 20K units of active inventory since April or May 2006.
We have been very busy with Las Vegas Buyers (hence the lack of blog posts recently.) Buyers are ranging from first time buyers using FHA programs (and down payment assistance programs) to All-Cash Investors.
The new $8K tax credit (see your CPA for details on this one as I am not a tax advisor) should also help burn off some inventory along with historically low interest rates!
Look for my next report. It will be VERY interesting!
I want to edit to add:
Foreclosure inventory will continue to come online for quite some time. We are just seeing an abundance of inventory go :poof: at the moment! This type of activity can cause the market to stabilize very quickly, however.
Hi Renee. I have heard this trend nationally too. It seems the foreclosure pricing hit a bottom and now, naturally, they are starting to be scooped up, hence total inventory decreasing. Las Vegas has a lot of product to work through. Good luck in your area.
Renee - good for you. Sounds like things are headed in the right direction. As always you have the pulse on the Las Vegas real estate market.
Jeff
Renee - That is awesome ! We will definitely stay tuned for your next report. Is great news. Hopefully things will continue to move foward with the tax credit you mentioned in addition to mortgage rates trending lower !
Gary: True, still a ton of inventory to work through and lots in the pipeline. Buyer interest is running high right now though!
Jeff: Thanks :)
Christopher and Stephanie: YES stay tuned, it will be a shocker!
I am glad to read that the market seems to be improving. Good luck.
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Renee, I sure hope we begin to see this trend here in AZ. We currently have over 50,000 active homes for sale, and that number has not gone down in quite some time.