Las Vegas Real Estate Market June 2008
Jun 8th, 2008 by Forrest
2000 SFR Closings - First time since August 2006!
You just have to be motivated by this month’s resale closing stats for the Greater Las Vegas real estate market!
There are several excellent signs this month that the sluggish Las Vegas market is poised for a nice rebound. The number of available listings is down while the closings are very nicely up and the inventory is taking less time to sell. You’ve got to love that!
Great, so let’s dive right into the positive news and numbers this month . . . but first download and take a look at: May 2008 Resale Market Snapshot.
Increasingly, more and more properties are coming on the market “in the selling zone” and selling in a relative short timeframe while those “out of the selling zone” continue to age in MLS without selling. Approximately 35% of May 2008 closings (those in the selling zone at listing) were under 90 days on the market with an average of 60 Days on Market. That is up from 25% based on March closings. The remaining 65% suffered an average of 230 Days on Market (that’s nearly 8 months … definitely out of the selling zone).
Listing prices have now dropped over 16.6% since September 2007 while closed sales are up over 137% since their low in December. May closed sales represent another 17% improvement over April; more importantly, this is the first month since August 2006 that we have witnessed more than 2000 single family home closings. Closed sales prices stabilzed and curtailed their decline and offer some hope that this market is genuinely poised for some more good months ahead. At the same time overall inventory continues to decline. The average Cumulative Days on Market has dipped to 170 days despite the fact that many overpriced listings remain in inventory.
This month could set the tone for the balance of 2008. Just a small amount of momentum from June closings could set the stage for a fourth quarter that has a legitimate chance of being better than the last quarter of 2006! At least that is the optimist in me!
But even with all the good news, let’s stay Focused on Price Reductions!