Las Vegas Weekly Market Snapshot 3.9.2009

Pending Sales blast through 8000!  In Las Vegas, this past week, homes under contract surpassed the 8000 mark – a point not seen since late 2006.  Higher pending sales today mean higher closings tomorrow.  Today’s market is a gift.  Home prices not seen since the 1990’s, and interest rates under 5% are creating an incredible home buying climate.  Supply (inventory/# sold) is just under 7.5 months.  YTD closed units are 105% ahead of last year.  Interesting point – more than 60% of all condo sales are cash.  Lack of lending money for condo units is leading to significant price declines required by cash buyers.

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