Las Vegas August Market Watch Infographic
It has been a somber and confusing week for us here. We have clients and friends who attended the Route 91 event and they, while safe from physical harm, have suffered much mental and emotional stress. And, it pains us to see them in much pain. They certainly have a different perspective on life. Hopefully, if we all can learn one thing, it is that life is not to be taken for granted…..smile more, hug more, laugh more, share more, give more……please…..I believe we will all be happier and more fulfilled for having done so.
A few comments about this month’s numbers.
We have reached the final quarter of 2017! Wow!
And, the numbers again this month pretty much tell the same story we have been telling for the past few months. Short on inventory and long on demand.
REOs are down to 48 active units and Short Sales are down to 149! Only 3.5% of the market. I believe it is time to restructure the reports…..no need to call them out separately. I am going to add some additional data line items that I believe you will find informational and insightful.
Closings are up year over year again. And, again, this happened with inventory down 34% as compared to this same time last year.
The rumblings around the real estate community that the market is “slowing” or “shifting” do not seem to hold true in the actual numbers……..we’ll be keeping a close eye on this as we roll into the final months of the year.
Have a great month. And, a Happy Halloween. That’s Tiffany’s favorite holiday of the year.
Happy November! Wishing you and your families a very Happy Thanksgiving.
Attached are the MarketWatch Reports for October 2016.
A couple of points to highlight—
First, inventory is down…..really down. It is 16% lower than the same time last year. And, it is down over 6% just compared to last month’s numbers. At 8,067 units, inventory levels have not been this low since August 2013.
Second, pendings are up, even if only 3% year over year. And, closed units are up—9% year over year.
Bubble? NOT in this data!
Now, get back to Facebook and either lament about the end of the world because of him or cheer about “making America great again” now that he won. Gosh, I wish political comments would be auto-deleted from all social media outlets for a couple years.
See you next month.