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Tagged : las vegas shadow inventory

Found 2 blog entries tagged as "las vegas shadow inventory".

Las Vegas Shadow InventoryIs there really a shadow inventory in the Las Vegas real estate market? If so, when will these properties be released to the market? What will happen to prices when/if it happens?

As real estate agents, these are questions we are asked almost every day, and a number of buyers have stated they are waiting until prices "go back down" before purchasing.

But will prices go down? Prices skyrocketed during the boom and then plummeted below pre-boom levels during the recession. Las Vegas has seen appreciation of 30% over the past year due to low inventory, but we are not quite yet back to pre-boom pricing yet., and experts feel that prices will continue to rise slowly until they reach this level again. (Before the boom, the prices of homes for sale in Las

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"Where have all the homes gone?!" In the Las Vegas real estate market it's like the clock has suddenly been turned back to the year 2004. Within hours there are multiple offers on everything listed under $250k, often sight unseen, and most accepted contracts are going above list price. New home builders are warning real estate agents about imminent price increases.

At the beginning of November there were approximately 11,500 single family homes actively on the market that were not yet under contract. Today, less than 6 months later, there are only 5,074 active single family listings in the Las Vegas MLS. That's about a six week supply at the current rate of absorption.

This is a direct result of Assembly Bill 284, which effectively stopped the non

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