Las Vegas MLS Stats for August 4, 2007
Not much has changed in the past three week since I’ve posted the Vegas MLS stats other than “The Sky Has Fallen!” Or so it would seem if you pay attention to the local and national media. All of the changes in the lending world is going to have a HUGE impact on our market and I do think we are in for a bit of a tough road for the rest of the year but I still NEVER hear about the massive amount of job creation that is underway here on the Las Vegas Strip! Some of my most recent sales have been high-rise condos on the strip in the 800K to 900K range, there is still lots of money out there and I don’t think too many people have lots of confidence in the stock market! That being said the numbers are up again, no big surprise there, the total amount of single family homes on the market in Vegas is up 419 to 26,507. The rentals are also up 114 to 3,608. I guess we will see if my previous predictions are correct in the coming weeks, if you can’t get a loan to purchase and you need a place to live then I guess you become a renter. It will be interesting to see if one of these numbers starts to go down. I would think sellers either need to start taking massive price reductions, taking their homes off the market and or turn them into rentals, or maybe give them back to the bank.
I guess it’s time to start putting some money under the mattress if we are going to be headed into the “2nd Great Depression!” Oh, and lets spend some more money chasing terrorists around the globe it will make the United States a much better place to live! Sorry, that might be a bit off topic but why do we have to fix the rest of the world when we can’t fix our home!
Don’t let the media get you down! This market will come back…remember…it’s Vegas!
Viva Las Vegas!!!!