Continuing Inventory Decline

I just looked at my post of March 5 when single family inventory on the Las Vegas MLS was 7,139. Since then it has gone down by over 38% and stands as I write this at 4,358. Of that 4,358, 3,910 are in the portion of the MLS that encompasses the Las Vegas Valley. In that area alone 3,100 homes, equivalent to almost 80% of the existing inventory, sold in the last 30 days! I keep hearing rumors of the backlog of foreclosed properties that the banks are going to flood the market with soon. I think the foundation of the prognostications of a large inventory overhang is illusory. Even if they do have a substantial inventory of properties, the banks are not likely to flood the market and depreciate their asset base. Hopefully if they have that imagined massive shadow inventory they will at least trickle them out. If they would just release 3,000 it would help. We need the inventory. There are multiple offers on nearly all properties and recently properties have been selling within a few days of listing at list price or greater. I have one client who has made bids on three properties, sometimes substantially above list, and yet he has been beaten out on all three. Such is life. Always challenging and always changing. Have to love it.

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