Las Vegas MLS Stats for August 26, 2007
August of 2007 is going to be one to remember! The recent implosion of the mortgage industry has created serious repercussions here in the Vegas Market! I think we will see some scary numbers for the month. The inventory keeps climbing, in the past few weeks we are up an additional 705 properties to a total of 27,212 active listings in the Vegas MLS. The rentals are also up 143 to a total of 3,751. Both of these numbers are just about on pace with the increases we’ve seen over the past 12 months. The number that is going to be interesting to see will be the total number of sales in the month of Aug., July numbers put us at a 16 month supply, I think we will see an 18-20 month supply by the end of the month. We are in some uncharted waters for us here in Southern Nevada. Just last week I told many of my Sellers to lower prices or explore other options for themselves, in-light of the current market conditions. Just this past week one of my Sellers moved closer to foreclosure. An even scarier event happened this past week, one of our Seller in foreclosure, committed suicide in his house! Times are tough but not that bad, hang in there we will get through this!