In early April there were about 1400 total REO’s in the Las Vegas MLS and only about 900 of them were single family homes, the rest were condos and town homes. Today there are 1917 total REO’s and 1422 of them are single family homes. So we now have more single family Las Vegas foreclosure homes on the market than we had total REO’s just a little over a month ago. The inventory is slowly creeping up and the total Pending and Contingent numbers are 1,000 more than they were in early April. In addition, the Las Vegas short sale process seems to actually be becoming streamlined and expedited; although I think it will take 4 or 5 months before we see short sales approved and closed consistently within 60 days. But any progress in this arena is more than welcome. We also know that the percentage of cash buyers is at an all time high. But, how long can the anomaly of a market with 50% cash buyers sustain itself?
All in all, having more inventory is good news, especially because it is not yet so much as to drive prices down. Although hard to believe after the last 18 months of agony, inventory really does seem to be increasing slowly but surely. Let’s see if supply and demand can become, and more importantly, STAY balanced. How great it would be if we could operate in a “balanced” Las Vegas real estate market. We’ll see….