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

Single Family Home Inventory Drops Even Lower in May 2012

Posted by Julie Wright on Monday, June 4th, 2012 at 12:29pm.

The supply of single family homes for sale in Las Vegas keeps dwindling at an alarming pace and average home prices are inching upward again. As of June 4, 2012, only 3.923 single family homes remain listed in the Las Vegas MLS as active (not under contract) in Clark County. At the end of April there were 4.594 homes actively listed, so this represents a 15% decrease in inventory and only gives the local market a 5 week supply of resale housing.

Properties selling for under $100k posted the biggest decrease in inventory as investors continue to purchase for cash as an investment.  Available foreclosures in this price range dropped over 50% as Las Vegas foreclosure filings remain stymied by AB 284.  

The current market breakdown looks like this:

564 homes priced under $100k - including 190 short sales and 113 foreclosures
1352 homes priced between $100k and $200k - including 503 short sales and 184 foreclosures
754 homes priced between $200k and $300k - including 215 short sales and 68 foreclosures
428 homes priced between $300 and $400k - including 74 short sales and 26 foreclosures
217 homes priced between $400k and $500k - including 28 short sales and 6 foreclosures
222 homes priced between $500k and $750k - including 36 short sales and  4 foreclosures
136 homes priced between $750k and $1M - including 16 short sales and 1 foreclosure
289 homes priced over 1M - including 14 short sales and 4 foreclosures

Only 406 homes, or 10.34% of the market listings, are foreclosures. This is down 4% from April’s statistics. Short sales, 1076 listings, now comprise 27.42% of available inventory, down 5% from April.  All the rest, just over 62%, are "traditional" sellers.

So the bidding wars continue, and in today’s Las Vegas real estate market most properties are going over list price. Owner occupant buyers that need financing to purchase are finding themselves on the losing end of these bidding wars almost 80% of the time.  Real estate agents are even door knocking in specified neighborhoods to try to find properties for their buyers that haven't yet hit the market to eliminate this competition and secure a home for their clients.

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

2018 Predictions for the Real Estate Markets

2018 Housing Basics: It’s All About Inventory Inventory will be the major factor shaping the 2018 housing market, but that’s nothing new. For the third year in a row, the nationwide inventory shortage is likely to continue to hinder sales and increase prices. We expect small increases in inventory at the h...

The cost of rising home prices: Rental rates are at a 50-year high

Rising home prices are pushing more people to rent that at any time in more than 50 years, according to a new report. A new analysis of Census Bureau data by the Pew Research Center found that more US households are headed by renters than at any time since at least 1965, according to a MarketWatch report.“The to...

Las Vegas Lender Thinks Outside the Box!

The Tonnesen Team preferred lender, All Western Mortgage, has secured a relationship with one of the top credit unions in Las Vegas, and is now able to offer three very exciting and new loan programs that NO OTHER LENDERS HAVE. Check out the guidelines for their fresh start loans (only one day out of short sale or fore...

Things To Do In Las Vegas -- Dec 22 - Jan 4

   ...

Foreign National Financing for Canadians

During the recent mortgage melt down, banks had suspended all foreign national financing except for Canadians buying second homes in the United States. But as of last week, foreign national mortgage financing is once again available for citizens of other countries wanting to buy vacation homes in Las Vegas. Most Las Ve...

Leave a Comment

Have a Question?

Contact Us

Follow Us