Finally some great news for the real estate industry–the reported March 2009 Sales Volumes on single family residences was 2,879 units, which combined with the first two months of the year brings the total sales volume to 7,391 units. This is the highest volume in the last five years, the closest first quarter year being 2005, with 7,150 units. We have also more than doubled last years first quarter production which was 3,559 total units.
Our Las Vegas real estate inventory posted through the Multiple Listing Service is also supporting a continued strong market. The listing inventory has dropped below 20,000 to 19,888 which is a 16% decrease of available homes for sale over last year. And the REO listings are maintaining at about 31% of our available inventory, although this will probably increase in the near future. However I think that having a continued stream of aggressively priced homes will only contribute to this strong trend and indicates 2009 will be one of our best years.
April 10, 2009 at 4:40 am
This is great news for the Las Vegas real estate market! Now is the time to buy – while the prices and the interest rates are both low.