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May Market Update – Is the Buyers Market Over?

These numbers are not to be believed.  I didn’t when I first ran them.  Right now there are 12,095 residential properties with offers on them.  Yes, 12,095.  I just had to look again.  Of these, 6,399 are bank owned and 4,427 are short sales.  There are 15,046 properties currently for sale.  This market is hot!!!

Sales in April numbered 3,885, the most for this time of year since 2005.  Of these sales, 3,065 were bank owned and 318 were short sales.

Sales $100,000 and under  1415

Sales $101,000 to $200,000 1658

Sales $201,000 to $300,000 523

Sales over $301,000 285

The most important information though, is this.  There is currently a 6.62 month inventory  of homes in the MLS.  The buyer’s market is over.   8 or more months of inventory is considered a buyers market.  5 to 7 months of inventory is a a normal market, favoring neither buyers or sellers.  Under 5 months of inventory is a sellers market.

2 thoughts on “May Market Update – Is the Buyers Market Over?

  1. The 90 period to stop all foreclosures ends 1 June 09. This means that 10,000 additional homes in the Las Vegas area will then hit the market. A one month period of history( a battle) does not a war win.
    If any casino project fails ie Fountainbleu 16000 construction jobs will be lost and 10,000 jobs scheduled to start will be down the drain.

  2. As a Las Vegas homeowner who relocated to Washington, this is good news that maybe the market will slowly start recovering enough to where we can sell our house. For now, we will keep renting it out (at a loss). Thanks for a glimmer of hope Lisa!

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