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 Mastura Zaini-Roberts 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

Why Now is The Time To Buy A Las Vegas Home For Sale

Las Vegas real estate is on the rise and is showing no signs of slowing down. The interest rates within the housing market have kept the city hopping and remaining in full form without ever skipping a beat. These phenomenal interest rates have been the deciding factor in why so many people are getting themselves int...

The Wild Wild West - Bank Robbery Las Vegas Style

by Patty Annis Yes, Las Vegas certainly has a reputation of being pretty wild!  And with the ever popular marketing slogan of “What happens in Vegas - Stays in Vegas” it certainly gives someone much to think about….. What really does go on in this town?  I have lived here since October of 1984 and through these...

Luxury Caribbean Homes for Sale and for Fun

This year I decided to take a cruise to the Caribbean for my birthday, and I saw some pretty amazing real estate along the way! I thought it would be fun to share some photos of the luxury custom homes I saw overlooking the emerald blue waters surrounding Tortola, Antigua, Barbados, St. Lucia and St. Barts. Our first...

Please Don't Reject My VA Buyer!

It seems our poor Veterans are getting hit from all sides these days. From long waits to receive urgent medical care, to decreased retirement benefits, to cutbacks on funding for new recruits, Veterans are among the least appreciated members of our society. And this appalling neglect seems to extend to home buying as...

Nevada Infrastructure: Keeping Up with a Growing State

According to the U.S. Census Bureau, Nevada’s 1.95 percent population growth rate from July 2015 to July 2016 made it the second fastest-growing state in the country. With the state’s official population nearing the three million mark, how is infrastructure keeping up with growth? Major Road P...

Leave a Comment

Have a Question?

Contact Us

Follow Us