Forrest’s Blog

Did you caucus last month? If not . . . you missed one of the most interesting days in recent Nevada history!  The utter lack of organization was actually refreshing as groups of neighbors came together to exercise one of their more profound voting rights.  It was truly memorable . . . and I’m certain that the next round of caucuses in Nevada will go much more smoothly!

There is some really good news in the numbers this month . . . but let’s first download and take a look at: January  2008 Resale Market Snapshot.

Listing prices dropped another 2.5 percent during January and nearly 8 percent since September.  On the otherhand, closed sales prices dropped 4.3% in January and nearly 13 percent since September.  Inventory held steady while the absorbtion rate nudged upward yet again. The average Cumulative Days on Market jumped to 180 days, but this is very good as we saw a lot of older inventory

Areas 303, 404, 504, & 606 had much better than average absorbtion rates in January despite the continued over-pricing in nearly all areas of Las Vegas. 

Again, I  would be remiss if I did not mention that we are once again seeing a large number of multiple offers being submitted on properties around and below $250,000! This is especially true for well priced REO listings right now . . . and something that every buyer should know before making an offer in and around this price point.  However, we are also seeing multiple offers on short sales . . . this was not happening previously.

Let’s Continue to Get Those Necessary Price Reductions!