The Las Vegas Home Inventory continues to drop. We had 20,423 homes listed for sale for the month of July, which represents a slight drop from the month of June. We don’t read a lot into this, just a positive trend that our market is continuing to improve. Here is a graphic showing trends for Las Vegas Home Inventory to date:
Executive Summary on Las Vegas Homes Market
- Entry level homes in the $0-150k range are red hot, with about 50-75% of these being sold to investors.
- Foreclosures are not swamping the market – we’ve looked back at last six months of inventory versus homes sold and banks are clearly releasing homes in a “timed manner’” so they don’t upset market equilibrium.
- Employment is “wild card” for Las Vegas Homes market like rest of US moving forward, although we do have large number of construction projects like City Center under development, unlike other metropolitan areas.
- Our market is moving faster than a hungry road runner on a tar road in the Black Rock Desert in mid August.
- Las Vegas Homes July sales volume was 4,300, with year to date over 24,000, reflecting over 50% increase from year to date this time last year.
