www.lasvegasmtg.com Report: Home inventories for February 2010 In Las Vegas, Nevada still are very low compared to the beginning first quarter of 2009. This is based on current demand for homes in Las Vegas, Nevada with about two to three months supply. There are many who feel that there is a shadow inventory of homes that have not come to market yet, and others feel the banks are working harder to keep people in their homes.
What ever the case is for low inventories, home buyers are out in full force with warmer weather, and the first time home buyers tax credit being fazed out expect inventories to be reduced fairly quickly in the next month!
Saturday I was at a open house in North Las Vegas, Nevada and the listed price was $109,900.00. By the end of the day it had multiple offers that were well over the list price. This is what happened in 2005 with lotteries for builder homes that was the beginning of speculation of the housing bubble. Fear from buyers that they will miss out of getting a home was the motivation then to buy more home then they could afford, and today missing out on today's prices, rates and the vanishing tax credit.