Number of Available Listings Continues to Slide While Contracted Units Escalate

Number of Available Listings Continues to Slide While Contracted Units Escalate (Applied Analysis) Kristy Black from Fidelity National Title just provided some good news for our Las Vegas real estate market this week:

Inventory: The number of available resale homes on the market dropped by another 208 units during the past week, reaching a total of 13,749. The latest availability levels are on par with those reported in January 2006. While availability has declined materially in recent weeks, the number of contingent and pending homes has increased dramatically, reaching a combined total of 13,206 units. These units have been negotiated or contracted. They consist of contingent units (9,292 homes) that are contingent on some action taking place before closing (e.g., a lender approval on a short sale) as well as pending units (3,914) which are transactions waiting for customary closing procedures to complete.

Sales: During the past year, the number of properties listed as available declined by 37.7 percent, or 8,329 units; the number of contracted units increased by 83.9 percent, or 6,025 units. Of the 9,292 units listed as contingent, approximately 58.5 percent (or 5,435 units) are contingent upon a bank approving of a short sale transaction. The timing and viability of these transactions remains unclear.

I have heard from SO many people, including the CEO of Prudential Americana Group Realtors, that there are estimates of up to 20,000 homes that banks have already foreclosed on, but are waiting to put on the market. To be completely honest with you, I wish these properties would get released, because currently I’m seeing as many as 10 offers on properties. Our market can handle more inventory because our prices are so attractive which is creating high demand.
If you would like to search for properties, please click the search icon below for all available listings in Las Vegas or contact me directly at 1-866-589-1646.