Bidding War On Vegas Homes Right Now
In the Las Vegas market we are currently at less than one months supply of homes on the market, this means that if no more homes came on the market, we would sell all our available inventory in less than one month. In the higher end range between $800 and $1.2 million there is a little more on the market with a 2 months supply of homes, but still signals a major shortage and prices going up. Typically a sellers market is considered between 1-4 months of inventory, 5-6 months of inventory is considered neutral, and 7 months and up is considered a buyers market.
Based on this, and high demand for homes, from investors, wall street hedge funds buying homes as rentals, first time home buyers, second home buyers, and people moving here to take advantage of our low tax structure and cheap cost of living , expect prices to go up for the next few months. As far as 6 months out and beyond, that depends on if all the new home building will shift us to a neutral market, and if banks start releasing more properties, or traditional sellers who now have equity or want to cash out list their homes on the market.
One thing I think for certain is the bottom of the market has passed and we may never see homes as cheap as they were between 2009 and 2011. Add to that , the recovering stock market and job market, and we may finally see this housing market turning around.