Friday Figures for 5/7/2010
Welcome to Friday Figures! All information from the GLVAR MLS system. Here’s the real deal that you and your Realtor need to know before touring, making an offer, or listing a home in the Las Vegas Valley this weekend.
Summary: We have officially broken through the support level at 10,000 listings; there are only 9896 homes, condos, and townhomes available in the MLS! All other things being equal, I would expect prices to begin rising. However, with the expiration of the home buyer tax credit, demand will be down in the coming few weeks. If there were a local “phantom inventory” of bank owned homes not on the market, they would start being listed now. Contingent and pending listings did rise slightly and remain over 16,000, but I anticipate a drop a few hundred next week. Short sales continue to be the lion’s share of contingent listings. Closings continue to be strong, with an encouraging number of short sales and non-distressed sales closing. The number of available rentals continues to decline despite the fact that area apartment complexes report improving but higher than normal vacancy. Considering that apartment rents average only $775 locally, it’s clear that many families would rather pay more for the extra space and amenities of a rental home.
Other Information: Well, we had the best job creation numbers in 4 years, and people are working more hours, yet the unemployment rate rose. The big picture is looking ever so slightly better for the economy. One more item of critical importance for those at risk of losing their home: banks sometimes “miscommunicate” and make mistakes.