August Market Data - the Patient has a Pulse

In Las Vegas in August, the inventory of single family homes was climbing to about 5000 units … but it was still below one year ago and was also at it’s lowest August level in 5 years. The ratio of homes listed to homes sold in 2010 is 62%, second highest in 5 years, but still behind last year’s 67% - when, as a buyer, it was really hard to get into contract. In the same way, the number of single family homes closed is lagging behind last year. With four months to go in 2010, total sales have almost equaled the 5 year low of 2008 at almost 30,000 homes. And, the average sale price, at $168,000, is slightly below last year’s average and slightly below the 2010 high, both about $170,000. On the rental front, occupancy is at 82% which is better than the 76% average of 2009, but not quite as good as the previous three years.

So, what does it mean?

It’s like hurricane Igor still in the Atlantic. The experts say it should be turning one way or the other, but it is just continuing to slide along in the same direction with dire warnings posted well in advance.
Given this is an election year, I don’t look for any big news to be validated by the national media until after the elections.

On the local front, the House Team has sold each of their three traditional listings this summer in less than a week, two of them above list price! The reason, we believe, is buyer frustration with banks and lack of bank approval on short sales. If you need to sell, sooner may be better. If the Bad News Bears come out again after November 2nd, it could hurt your sale price.