The buying window is open!
Here are your Las Vegas numbers for this week. There seem to be a little disagreement on the way I calculate our months of inventory versus they way others do. But, regardless of how you calculate it, the window is open! IT’S TIME TO BUY, BUY, BUY, IN VEGAS AGAIN!!! Prices are almost back to “pre-boom” numbers! I received an email from a new home sales associate that I know. They are selling a 1612sf home for $185,000.00!!! It almost sounds crazy, but I think the buying window will be open for the nex 12-16 months. After that, there will still be good deals, but buyers will be behind the power curve again. Just my speculation.
Weekly MLS Market Snapshot
As of COB:
Category Number Totals Vacant Percentages
SFR Inventory 21,978 10,140 46.14%
Condo Townhome Inventory 5,666 3,152 55.63%
Total 27,644 13,292 48.08%
Total Contingent & Pending 2,276 1,655 72.72%
Total 29,920 14,947 49.96%
Short Sales (EA/ER) 3,998 1,668 41.72%
Repos (estimated EA/ER) 1,969 1,889 N/A
Total Distressed 5,967 21.59%
Total Sold in last 30 Days 1,208 809 66.97%
Sold short sales 70 (46) 5.79%
Sold REOs 188 15.56%
Months of inventory at current rate of consumption (29,920 / 1208) 24.768
Lowell Caro, Jr
Your Real Estate Advisor
hi, thanks,The article was very well written, very helpful to me
Comment by Jessicacamb | 05.10.2009 | 4:34 pm
Wow! Thank you! I always wanted to write in my blog something like that. Can I take part of your post to my site? Of course, I will add backlink?
Comment by Arianacott | 05.13.2009 | 6:26 pm
Absolutely. Of course the numbers have changed (I haven’t posted a blong here in a while), but it is still a good time to buy! It’s projected that we won’t come out of this “slump” for a couple years, but I can’t see housing prices dropping much more than another 10% or so. Of course nobody has a crystal ball, but prices are down to affordable levels again and investor can cashflow almost anywhere in the city. A good barometer of “when it’s time to buy” is when you see investor buying, and they are!
Comment by Lowell | 05.13.2009 | 7:03 pm
Great post! Just wanted to let you know you have a new subscriber- me!
Comment by KrisBelucci | 06.2.2009 | 12:36 am
Well that being said, I guess I had better keep my blog a little more updated! Thanks!
Comment by Lowell | 06.2.2009 | 1:37 am
Some of us even don’t realize the importance of this information. What a pity.
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Comment by Jade | 10.9.2009 | 5:05 pm