Some Good News In The Las Vegas Market
Inventory: The number of resale homes on the market (those listed with Realtors and posted in the Multiple Listing Services) fell by 535 units during the past week causing total inventory to reach 19,888 homes. Compared to the same week of the prior year, inventory levels are down 16.5 percent, or 3,925 units. Inventory levels are at their lowest level since April 2006.
Sales: The total number of units that are in a contracted status rose to 9,526, the highest level reported in years.
Contracted units are at twice the level reported one year ago. Approximately 5,934 units are identified as
“contingent”, or remain contingent upon some action (e.g., bank approval) prior to closing, while 3,592 units
are pending. Resale closings remain elevated relative to the prior year, and the latest data points suggest
volumes will continue to rise in the near-term. (Applied Analysis: 03/30/2009)