Market update - Las Vegas - March 2008

There are good news in the housing market as for the last 3 month... Listing prices dropped @ 1.4 percent during February compared to 9.3 percent since September. The good news is that closed sales prices remained flat in February but has dropped 13 percent since September. Inventory dipped while the absorbtion rate rose to 6.3% . . . these best one month rate in months. The average Cumulative Days on Market still hangs around 180 days while listing remain overpriced.

If there was ever a time for brutal honesty on listing prices... it is now! It is critical to make appointments with your sellers and take a hard look at their current listing prices. Make sure that they will fully understand that the right price will sell their property and that time is now to take the smart decision... Don't nibble away with insignificant price changes. Boldly price the property to sell!