One of the challenges now hitting the Las Vegas Real Estate market is finding that perfect home that fits your investment criteria or suits your family’s needs, as our home inventory has dropped significantly in the last few months.
Las Vegas Home Inventory is Dropping
Here in Las Vegas, the number of existing homes on the market has dropped to the lowest levels we’ve seen in close to three years. And, all the fears about the “hidden overhang” of Las Vegas Foreclosures have not materialized in any meaningful manner.
We had a record number Las Vegas Homes sell in June, with just over 4,663 homes sold. SalesTraq has just reported that our Las Vegas Home inventory listed via the Las Vegas MLS has fallen to 12,653 homes, which reflects a 3.5 month supply of homes.
In a typical market, any home inventory under a six month supply is considered a seller’s market. We don’t think our market is in this position but it’s changing quickly. As the actual number of listings is the fewest since we had 11,497 Las Vegas homes on the market in December 2005.
Supply and Demand Driving Las Vegas Home Sales
Supply and demand impacts or drives Las Vegas home sales, like any other major market in the US. Our supply of Las Vegas Foreclosures has been dropping for months, not increasing like many analysts have predicted. What this means to investors who are flocking to our market in droves and potential homeowners is that much of our existing inventory has been picked over.
But, since we do have more Las Vegas Foreclosures hitting our market as well as some new listings we do have options, but you want to move quickly once you see a home that you like! From what we can tell to date, banks are releasing Las Vegas Foreclosures slowly into the market, certainly not in any volume. They clearly don’t want to do anything that impacts the market negatively, nor do most of them have the resources in place to process large amounts of foreclosures quickly.
Analysis of Recent News
We need more inventory in our market, as there is pent up demand, especially for homes in the $0-150K range. You want to have your financing lined up before you start shopping, as we are seeing all cash offers on some homes and transactions are occurringcor rapidly. The market is moving fast and a bit choppy, with opportunity for cash positive returns for investors.
Again, to underscore, be prepared to move fast – if you look at a desirable Las Vegas Home place an offer in a timely manner, their may be competition waiting in the wings.
