Las Vegas Real Estate Market Snapshot 4.6.2009

Listing Supply Hit 3 Year Low!  Thanks to very robust activity (low prices/low rates/tax rebates) in the marketplace, the Las Vegas and Henderson listing inventory is being absorbed at a pace not seen in years.  Supply is determined by # of available listings divided by # of sold listings in a 30-day period.  While the luxury market continues to languish (-59.8% yr over yr) the high rise market is experiencing good activity with almost 100 units under contract.  Supply of high rise units have been cut in half since the start of the year.  REO (bank owned) listings accounted for almost 80% of all listing sold in the past 30 days while REO supply has diminished to 2.2 months.  We expect to see this figure increase as more supply is expected to hit the market in the coming 60 days as moratoriums expire.  With price declines shrinking month to month, is Las Vegas ready to participate in a real estate recovery?

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