May posts second highest number of Las Vegas real estate Closings this Year!

Weekly LAS VEGAS Snapshot 6.4.2007

Bob Ratliff - Las Vegas Realtor

http://www.las-vegas-homes.biz

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May posts second highest number of closing this year. Supply of listings dropped 2weeks due strong finish in May. Homes in pending (to close) are at the lowest point since 4/2. With 3000 more homes on the market than in April, the Pending Index is at the lowest point for the year. Median prices appear to be holding fairly well. Will buyers waiting for the “bottom” miss it due to increase in the cost of borrowing – rates now at 6.5%? Holding a home for 5 to 7 years will cost more in the long-run (higher payments) than the $5 to $10,000 a buyer may save waiting for the best possible price.

The last 7 days of the Las Vegas valley marketplace…

Active Listings ALL 25181 ::: SFR 19547 CN/TH 5634

~up 27 from last week || up 6420 (34.2%) since 1/1

Henderson 4190 ::: SFR 3389 CN/TH 801

High-rise & Loft 692

Vacant units (%) ALL 43.1% ::: SFR 40.7% CN/TH 51.1%

~total is down .2% from last week – even with 4 weeks ago,

Henderson 43.1% ::: SFR 40.5% CN/TH 53.9%

Hi-Rise & Loft 75.9%

Total Pendings ALL 3063 ::: SFR 2464 CN/TH 599

~lowest # since 4/2

Henderson 526 ::: SFR 434 CN/TH 92

High-rise & Loft 76

Pending Index 122 high this year 163 on 1/1)

Solds (last 30 days) ALL 1746 ::: SFR 1419 CN/TH 327

(y-t-d) ALL 9198 ::: 2006 ytd, 14587 down 36.9%)

DOM (average) 77 (SFR) 76 (CON/TH)

Total Supply ALL 14.42 months

Henderson 12.02 months

High-rise & Loft 49.4 months

Short Sales ALL 1689 ::: (6.7% of total listings)

(6.7% of total listings)

Active Rentals 3646 :::

Leased Last 30 days 1260 ::: Month’s Supply 2.89

Monday’s 30yr 6.5% 1pt origination

Up .125% from last week

Weekly snapshot is computed every Monday after 12 noon. Pending index (pi) is relationship to inventory. Index set on 153 on 1/1/2007. 300 is considered a market in relative equilibrium. Short sales are available listings as indicated in the MLS. All data taken from the GLVAR MLS. All homes (not manufactured) condos and townhomes are included in this date located in the immediate Las Vegas valley (mls 101-606)