Las Vegas Luxury Properties Link

The Las Vegas housing market is heating up!

Here is the lastest inventory and sales report for the Las Vegas housing market.  As you can see from the graph, our supply of homes has steadily decreased for 18 weeks in a row!  I can attest that out in the field, the energy of the market is feeling a bit frantic.  I'm working with a lot of buyers who are having to put in offer on properties that have JUST hit the market, and we're STILL having to compete with multiple offers.   It's the weirdest thing, but it reminds me of the craze in 2004 when people were out bidding each other to get a home.   Here's the report:

Las Vegas Housing Inventory: For 18 consecutive weeks, the number of properties listed as available has declined, reaching 13,028 homes by the third week of July. During the past week, listings dropped by 172 units, and compared to the same period of the prior year, listings fell by 9,224 units, or 41.5 percent (from 22,252 homes). Also during the past week, the number of vacant homes dropped below 7,000, which represents 53.5 percent of total inventory. Approximately 5,100 available units (39.2 percent of the total) are identified as short sales, suggesting sellers are hopeful to sell their property and also obtain a banks approval to reduce the amount they are willing to accept for payment in full on the mortgage. Stated otherwise, the market is currently reporting 7,900 available units that are not subject to lender approval (short sales).

Las Vegas Housing Market Sales: While the number of available properties has decreased significantly, the number of units that remain in a contracted status has risen dramatically in recent weeks. A total of 13,456 units are noted as contingent or pending in the Multiple Listing Service (MLS). Contingent homes are contingent upon some action taking place and comprise 9,681 units. It is worth noting approximately 62.5 percent (6,055 units) of contingent homes are noted as pending lender approval, a contractual requirement that may be challenging to obtain. In addition to those units identified as contingent, another 3,775 units are pending and awaiting customary closing procedures to take place (431 units are short sales).

If you would like to search for properties on the Las Vegas MLS, start your search below.  You can save your searches, get notified of new properties on the market, save your favorite properties, and view full details of each home.