Las Vegas Real Estate Absorption Rate

Current inventory is up but we are still in a sellers’ market, since our current absorption rate is 2.97 months, as of right now I just looked up and there is 9401 single family homes , condos, and Townhomes on the market showing no offers, and last month we sold 3168 properties, making the absorption rate 2.97 months, a balanced market is considered 5-7 months , so we still have a little way to go before we are balanced and a lot to go before we are considered a buyers’ market. I don’t think we are in danger of seeing any substantial price declines for the near future, but I think there will be a chance to get a good property at a good price during the seasonal slowdown, as our market typically heats up in March. Only time will tell if inventory will keep increasing and how much it will outpace demand. Interest rates will play a big part on this as well as new residential construction.