Get free access to our world class MLS search tools, save your favorite listings, create saved searches & much more!

Las Vegas Housing Inventory Drops More in June

Posted by Mastura Zaini-Roberts on Friday, June 29th, 2012 at 9:50am.

If you are wondering why there doesn't seem to be much for sale in Las Vegas anymore: as of June 29, 2012, only 3,785 single family homes listed in the Las Vegas MLS remain as active (not under contract) in Clark County.

The current market breakdown looks like this:

  • 492 homes priced under $100k - including 180 short sales and 88 foreclosures
  • 1332 homes priced between $100k and $200k - including 447 short sales and 180 foreclosures
  • 766 homes priced between $200k and $300k - including 190 short sales and 71 foreclosures
  • 401 homes priced between $300 and $400k - including 69 short sales and 28 foreclosures
  • 186 homes priced between $400k and $500k - including 25 short sales and 7 foreclosures
  • 200 homes priced between $500k and $750k - including 31 short sales and  2 foreclosures
  • 129 homes priced between $750k and $1M - including 17 short sales and 3 foreclosure
  • 281 homes priced over 1M - including 12 short sales and 3 foreclosures

This is almost an 18% decrease in total housing inventory just since the end of April. Only 382 homes, or 10.09% of the market listings, are Las Vegas foreclosure listings. Only 971 homes on the market are short sale listings, 25.65% of all available inventory.  All the rest, just over 64%, are "traditional" sellers. Prices have increased more than 8% since the beginning of the year.

 Listing agents don't even have time to get photos into the MLS before the properties are sold, so most homes don't even show pictures on the Internet anymore.  Buyers who need to purchase quickly should view the details on the new listings even if they don't have photos, and get out with their agent to view anything that sounds interesting as fast as possible.

And prices are rising again. Buyers should definitely be prepared to bid over list price if they are serious about purchasing. With the decreased inventory, most properties are going anywhere from 3% to 10% over the initial asking price, and some buyers are even agreeing to pay the difference between the appraised value and the sales price in cash at closing.

It will take a while for appraisals to match true market value - appraisers were slapped down hard in the previous boom years, and are still taking a cautious approach to estimating market value, even on properties with multiple offers above list price on them. We are even seeing "escalator" clauses again in some contracts - an "escalator" clause is where a buyer agrees to top any other asking price by a set amount just to be able to obtain the home they want.

That's why it's important to find an aggressive agent that understands the market and the negotiation process, and can explain the best way to go about securing a home in a seller's market. (A word of caution, national real estate estates like Realtor.com, Homes.com, Zillow and Trulia are only updated every four or five days and still include the "contingent" properties in their searchable databases. Make sure you are on a local site like www.GreatLasVegasHomes.com that only lists "active" listings that are not yet under contract.)

Mastura Roberts
(702) 919-5400
offers@greatlasvegashomes.com

Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052

With over 30 years of experience helping families call Las Vegas "home!"



Related Blog Posts

Check out this New 3D Tour of 6667 Salt Pond Bay Street

Join us for a 3d Tour of 6667 Salt Pond Bay. This Single Family 2 story gated Community Residential Home is located in the Northern part of Las Vegas in the Deer Springs subdivision.  It has 3 bedrooms and 3 baths with a HUGE backyard ready for any adventure you can imagine. Take a Tour of this property in 3D...

Buyer demand hits new high

January proved to be a good start for the new year, as housing demand rose by 6.5%, according to Redfin.The company’s housing demand index reached a seasonally adjusted level of 130 last month, the highest since Redfin started tracking demand in January 2013.Year-over-year, buyer demand rose by 22.9%; tour reques...

4 Common Credit Mistakes Frequently Made By Homebuyers

As I'm sure you know, there are way more than 4 activities that you should or should not do in order to improve your credit, but these 4 in particular seem to trip a lot of clients up and have even been known to ruin the the loan even after an initial approval. So make sure that you stay on the straight and narrow by...

Strip Condo Only $125k!

Didn’t think you could afford Las Vegas real estate? Now you can own a condo right on Las Vegas Boulevard for only $125k! Sneak preview - own your piece of the fabulous Las Vegas Strip for a fraction of the usual cost. Located right between the between the beautiful Bellagio and the vibrant MGM City Center in the hea...

Getting a Mortgage Loan aka Jumping Through Hoops of Fire!

If you haven't tried getting a mortgage loan in the past five years or so, you will be shocked at how difficult and arduous the process can be these days, for even the best of borrowers with A+ credit. Stringent federal regulation and fear of costly penalties for even the smallest infraction have Las Vegas mortgage len...

3 Responses to "Las Vegas Housing Inventory Drops More in June"

Rita wrote: As usual you have done a nice job reporting the local marekt stats Lisa. I like the look of your site. It is well done..bravo!.-= Bill Gassett s last blog .. =-.

Posted on Thursday, July 26th, 2012 at 1:16pm.

las vegas realtor wrote: It's a great post ... I really appreciate it. I see these comments and useful work. By reading this article, I have a lot of information ... Thanks to share my ...

Posted on Friday, August 10th, 2012 at 8:27pm.

las vegas homes wrote: Great and informative post. My youth is reaally we need today. Yes, I will share more information with me I think. I can share and use.thanks for all these efforts ...

Posted on Wednesday, August 15th, 2012 at 2:03am.

Leave a Comment

Have a Question?

Contact Us

Follow Us