May 2011 Vegas Valley Real Estate Market Report
I feel like a broken record always reporting that Cash is king in our real estate market however I think it is a very important point to make that deals are out there moreover many people know about it and are capitalizing on it. Almost 2,000 homes last month were sold for cash which is a little over half of the homes sold last month.
Another month of decreased available inventory on the market which now makes for the fifth month in a row that inventory has decreased and is keeping steep competition for buyers looking to purchase in the Real Estate Market.
Most of the homes being purchase with loans are being bought by first time home buyers. These buyers have realized it is a great time to buy with interest rates being at historic lows and home values being comparable to the values in 1994. There is also another dynamic that these buyers have moved into action to buy their first home -- safety, security, a good place to raise a family and owning a home is the safest investment available in our current economy. For a blog post I did to elaborate on each factor, click here.
Click below to check out a guide I made for First Time Home Buyers (please forward to a friend, family member or co-worker that may be interested in buying their first home):
Inventory Supply of ALL properties in Las Vegas is down to 3.8 Months -- For Non-Short Sale properties, the Inventory Supply is 2.7
Current Inventory Available: 14,664 Properties
As the warm months continue, the amount of homes sold are increasing and the available homes to buy are decreasing. This is simple supply and demand -- the fewer amount of homes available to buy, the more competition buyers will have when buying a property which means if you are looking to purchase a property, make sure you are using a professional that has proven tools and techniques to get you in the best position to compete and ultimately win against other buyers.
This report is calculated by utilizing Absorption Rates and Inventory Depletion calculations. To learn about the importance of these click here.
For a more detailed marketing report, click here.
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