This is a quick snapshot of Las Vegas area real estate as of 9/25/13. It is great to see the number of short sales continue their gradual decrease. Traditional (ie non-distressed) listings continue to increase, indicating that home owners who are not facing foreclosure or short sale are feeling confident enough to place their homes on the market. Although the number of homes offered for sale has increased and the number under contract has dropped slightly, our market is still facing a serious shortage of homes as is indicated by Days of Supply. Despite the edging upward of this number, buyer demand still far exceeds supply.
Another issue to keep in mind when looking at these statistics is that we are entering the holiday season, a time when we generally see a bit of cooling as folks defer buying and selling their homes until after the new year.
Single Family Residence (SFR)
Available – 6,319 (+164, Last Week 6,155)
Under Contract – 8,456 (-80, Last Week 8,536)
Days of Supply – 23 (+1, Last Week 22)
Short Sales – 6,245 (-59, Last Week 6,304)
Condominiums and Town Homes (CONDO/TH)
Available – 1,546 (+60, Last Week 1,486)
Under Contract – 1,564 (-20, Last Week 1,584)
Days of Supply – 30 (+1, Last Week 29)
Short Sales – 1,281 (-12, Last Week 1,293)
Combined SFR + CONDO/TH
Available – 7,865 (+224, Last Week 7,641)
Under Contract – 10,020 (-100, Last Week 10,120)
Days of Supply – 24 (+1, Last Week 23)
Short Sales – 7,526 (-71, Last Week 7,597)
Data is obtained from the Greater Las Vegas Association of Realtors MLS, courtesy Channelle Beller, National Title Co.