Coldwell Banker Premier Realty

Low Housing Inventories


A local and national problem
Posted: May 10, 2017 at 12:00 AM by John McClelland

We recently examined for-sale home levels in Las Vegas, as shown in the chart below. Although inventories are not as low as they were in 2013, when investment activity was intense, inventory is historically low. Some submarkets and price ranges are extremely constrained. Based on recent sales levels, months-of-supply in the $150,000 - $250,000 range has fallen below one month. Low inventory is not just a local issue but is noted to be an issue in many U.S. markets. Based on today's levels and increasing prices as a reflection of some improving demand over the spring, we can expect summer to be challenging for many prospective buyers. Buyers should be prepared to write very clean offers that lack contingencies are illustrate a strong possibility of being able to close. 

Although inventory is a major obstacle in the lower priced segments, sellers of higher-end properties are likely to benefit less from overall low inventories as there is an approximate eight months-of-supply in the $600,000-$800,000 range. Luxury homes have nearly thirteen months-of-supply.



LAS VEGAS SINGLE FAMILY HOMES FOR-SALE


Source: GLVAR, Coldwell Banker Premier Realty.


It's a seller's market this spring

http://video.cnbc.com/gallery/?video=3000612731



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