Inventory Shrinkage of Entry Level New Homes in the Las Vegas New Construction Market!

I am happy to report that there has been a distinct change, in the last three weeks. There is almost ZERO available standing inventory in the SFR entry level market (under $275K) in the South, Henderson (south) and Southwest portions of the Las Vegas Valley (Clark County).

A couple of them falling out of escrow here and there but very slim pickings! Most are dirt lots looking at a 6-8 month build. Incentives are still being offered if you use the builder's preferred lender and most are still paying a good portion of closing costs + a few upgrades. With the standing inventory disappearing right in front of our eyes, I wonder how long those will last ?!?!?!

I have been blogging about how builders are pulling building permits and decade + lows for the last several months. Recent buying activity has almost exhausted standing inventory and this is a wonderful thing for the resale market!

Permit History Present to 1994.

So have any other Las Vegas agents noticed the change?