The Market Continues its Recovery Trend. Great numbers continue to report every Monday in 2008. Pending sales continue to climb for the 8th consecutive week and appear poised to break 4000 next week. These are levels not seen since mid 2006! One can feel the new energy in market. Inventory continued to decline over the last week. Expired listings at month end are included in the reduction this week. Still the trend is very present. Million dollar plus homes are losing ground when compared to last year. The once robust luxury home market is showing signs of slowing down. Year-to-date closings are down almost 50% versus 2007. The overall market is 35.7% behind 2007 in closings to date. That number, however, marks 7 straight weeks of gaining ground on 2007 numbers. The repo market notched an increase in listings and percent of market. No worry though, these listings are the hottest listings in the market.http://www.topproducerwebsite.com:80/users/22058/downloads/Las Vegas Real Estae Market Snapshot3.3.08.pdf

 

The Right Mix? Interest rates under 6 percent add to the new affordability of lower prices in the Las vegas market. Homes under $250K continue to slide right off the shelf. Many times, above list price. Will it last? Probably not, notat this intensity, but this is insight to where the market is heading as we move closer to an impending housing shortage in late 2009 and 2010. Pending Sales are at a one year high! And many more listings will move to pending in the coming days as multiple offer situations take a few days to wiggle out. Listing inventory conitnues to decline - a direct opposite to historical trends for this part of the year. After growing week after week for the past year, the Las Vegas inventory is beginning to contract and do so with an increase in buyer activity. It is working on both ends. There is a long way to go. In 3 months time, will we look back and say the bottom was...? Las Vegas Real Estate Market Snapshot2.18.08.pdf

 

Buyers Show Their Desire for Las Vegas Real Estate. The Las Vegas real estate market continues to show some strength. Pending sales are at an 8-month high and the Pending Index is at a 10-month high as we bolt out of the New Year with some good energy. Low interest rates and institutional sellers have pushed the market to some brisk activity at the lower price points. Multiple offers are virtually everywhere at $100 to $110 per square foot up to $250K. Another interesting point in the numbers are listings. Last year through week 6 there were 989 new listings on the market. This year there are 229 LESS listings in week 6 compared the rest of the year. The Henderson sub-market is quietly picking up steam as well with a little more than 18 months supply of homes on the market, a five month low. So is everything looking rosy? No, there still appears to be room in the 400 to 800K range for further declines in price. The health in the economy will determine the direction in the price range. http://www.topproducerwebsite.com:80/users/22058/downloads/Las Vegas Real Estae Market Snapshot2.11.08.pdf

 

WOW! Las Vegas Pending sales are up 10%…since January 1. The market is moving! Low rates, lower prices are bringing out the buyers and pending sales are rising. In some parts of the valley 2200sf homes are selling around $100 per square foot and there are bidding wars. REO agents are reporting multiple offers for many great value listings. Some are selling above list. Have we found where the bottom of the market maybe? Only time will tell but bidding wars at $90 to $100/ square foot would suggest the bottom. We still have lots of inventory to absorb so tremendous price spikes are not foreseen. With all the new jobs coming online - we are poised for a good come back and it may be sooner than we think. Read More....http://www.topproducerwebsite.com:80/users/22058/downloads/NEW mls stats weekly report-1 28 08.pdf