Las Vegas MLS Stats for May 21, 2007
The Las Vegas Real Estate Market is amazing! It is always hard to make sure you are looking at the right information when you need to make a decision about the status of a specific market. Everyday there is some sort of bad news in the national press about the state of the downward trending real estate market as a whole.
I have to admit things here in Vegas have changed over the past year but I still think we are close to a turn-around in activity. In the past two weeks our active listings are up another 647 listings to a total of 24,947, knocking on the door of 25K! The rentals have only increased by 55 listings to 3188, the thing about this number that is important to watch is that it has been flat, if not slightly down, over the past couple of months. It is also important to point out that the number of listing in contingent or pending status has also remained constant over the past month, today it is at 3278.
So what does all of this mean? I think we are seeing a “Seasonal” increase in listings, everyone knows “Summer is the time to sell” and I think this year “They” might just be right. As you see, the numbers show the activity is still there, and with just a slight increase in buyers and renters we should start to see a turn-around in the number of active listings. We might even see some of those vacant homes turn into rentals as the rental market tightens-up. The next 60 days are going to be very telling!! Stay tuned for more up-to-date stats on the Las Vegas Housing Market.