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

The Fed raised interest rates. Why are mortgages getting cheaper?

Looks like the homebuying frenzy isn't going anywhere, at least for now. by Kathryn Vasel   @KathrynVaselApril 14, 2017: 11:51 AM ET   After the Federal Reserve raised its key interest rate nearly a month ago, many people expected mortgages rates to cree...

Top 10 Las Vegas Hotel Pools

No swimming pool in your Las Vegas home? If you aren't fortunate enough to have a swimming pool in your Las Vegas home, you might want to consider booking into a hotel for the weekend to beat the heat. While most Vegas hotels have swimming pools, some are more impressive than others - here are some of our favorites: 1....

Great Pricing on Guard Gated New Homes!

The pricing on Las Vegas new homes has been drastically reduced over the past few years (along with the rest of the inventory in the Las Vegas real estate market), and it is amazing how affordable some of the luxury new home developments have become. Dunhill Homes has two gorgeous neighborhoods in lush guard gated golf...

Get 3.5% Paid Toward Your Closing Costs!

If you have been thinking about buying a home in Las Vegas in the next five weeks, Fannie Mae might pay 3.5% of your closing costs! This spring, in an effort to move some of the foreclosure inventory in its portfolio quickly, Fannie Mae is offering a special closing cost incentive for owner/occupants who go to contract...

Here's What a Mediocre Credit Score Might Cost You on Your Mortgage

A lackluster credit score could bring up your interest rate and set the stage for years of higher payments. But if you work on improving your score, you'll end up paying less for your home loan. Many of us don't pay attention to our credit scores until the time comes to borrow money. But what you may not kno...

Leave a Comment

Have a Question?

Contact Us

Follow Us