Las Vegas Market Report ~ THIS TIME YEAR LAST YEAR ~ ENDING MAY 31, 2006
Sales this year to date: 14,044
Sales same time last year: 17,369
Change: -3,325
Change: -19%
MARKET QUICK LOOK
Supply continues to increase while demand weakens reinforces the notion that the market is persisting in its movement in favor of the buyer.
At the end of May 2005, resale supply was 10,365 units and demand was 3,890 units per month. In May 2006 resale supply is 18,618 units and demand is 2,839 units.
This implies that demand has decreased by about 1,000 units per month while supply has increased by about 8,000 units.
SUPPLY AND DEMAND
Supply (LISTED) for both SFR and CONDO up significantly.
Demand (SOLDS PER MONTH) declined for both property types. This decline in demand is somewhat unexpected when an increase is the general rule.
DAYS SUPPLY
DAYS SUPPLY (days required to exhaust supply given current level of demand) has increased considerably due to the change in demand/supply realities. Note the graph that compares DAYS SUPPLY this year to last year.
FAIL PER MONTH
FAIL PER MONTH (expire, withdrawal, cancellation) somewhat stable with no significant change from last report
PERCENT SELLING
Consequently, selling probability has declined 1% for SFR and 3% for CONDO from last report. Currently, for each SFR that sells, 1.13 will fail. For each CONDO that sells, .84 will fail.
PRICES Price continues to be erratic. Initial list price (LIST PRICE ALL LISTED) declined for both property types from last report. The asking price of sold properties at the time of offer (ASK AT OFFER) has declined for SFR by $1,000 and remained steady (no-change) for CONDO.Closing price (CLOSE PRICE) declined by $1,000 for SFR but increased by $1,000 for CONDO.
This phenomenon would seem to indicate a market that is no longer proceeding in a definite direction (UP) with vigor. More weakness in SFR than CONDO.
The WEAKEST market is Southwest (SFR) at 40% selling, closing $365K with days supply of 263.
The STRONGEST market is East (CONDO) at 67% selling, closing at $202K with days supply of 104. This area and class is experiencing real median price increases. See that median ask is greater than median list. Buyers are buying from the upper side of market.
WORDS OF WISDOM
Good judgment comes from experience. Experience comes from bad judgment. (Unknown)
Sales same time last year: 17,369
Change: -3,325
Change: -19%
MARKET QUICK LOOK
Supply continues to increase while demand weakens reinforces the notion that the market is persisting in its movement in favor of the buyer.
At the end of May 2005, resale supply was 10,365 units and demand was 3,890 units per month. In May 2006 resale supply is 18,618 units and demand is 2,839 units.
This implies that demand has decreased by about 1,000 units per month while supply has increased by about 8,000 units.
SUPPLY AND DEMAND
Supply (LISTED) for both SFR and CONDO up significantly.
Demand (SOLDS PER MONTH) declined for both property types. This decline in demand is somewhat unexpected when an increase is the general rule.
DAYS SUPPLY
DAYS SUPPLY (days required to exhaust supply given current level of demand) has increased considerably due to the change in demand/supply realities. Note the graph that compares DAYS SUPPLY this year to last year.
FAIL PER MONTH
FAIL PER MONTH (expire, withdrawal, cancellation) somewhat stable with no significant change from last report
PERCENT SELLING
Consequently, selling probability has declined 1% for SFR and 3% for CONDO from last report. Currently, for each SFR that sells, 1.13 will fail. For each CONDO that sells, .84 will fail.
PRICES Price continues to be erratic. Initial list price (LIST PRICE ALL LISTED) declined for both property types from last report. The asking price of sold properties at the time of offer (ASK AT OFFER) has declined for SFR by $1,000 and remained steady (no-change) for CONDO.Closing price (CLOSE PRICE) declined by $1,000 for SFR but increased by $1,000 for CONDO.
This phenomenon would seem to indicate a market that is no longer proceeding in a definite direction (UP) with vigor. More weakness in SFR than CONDO.
The WEAKEST market is Southwest (SFR) at 40% selling, closing $365K with days supply of 263.
The STRONGEST market is East (CONDO) at 67% selling, closing at $202K with days supply of 104. This area and class is experiencing real median price increases. See that median ask is greater than median list. Buyers are buying from the upper side of market.
WORDS OF WISDOM
Good judgment comes from experience. Experience comes from bad judgment. (Unknown)
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