Hello. Welcome to Todd Miller TV. A super quick update today, Las Vegas real estate market for April of 2013. Only two numbers you need to know. One is 4630 and one is 3400.
4630, that’s the total number of properties available for purchase in Las Vegas. That is single family homes, condos, townhomes, everything. It represents one percent of the entire market place, so 1 in 100 houses. That’s very low historically, especially given that maybe 50 percent of houses are upside down and probably 10 percent are in default of some kind, meaning they’re behind on payment.
So that’s the number we’ve been tracking for months and months and months. The next number is 3400. That’s only single family residences, so it’s a little less than one percent of available homes. So we have a shortage of inventory in Las Vegas in April. We’ve had the same shortage for a year, meaning it hasn’t fluctuated much in the year. The reason it hasn’t fluctuated much is because we sell properties and a new one comes on the market.
So prices are going up. We’re still getting inventory coming in but it’s because prices are going up. So short term, not much is going to happen. Long term, we’re going to have to wait to see what happens with some of the legislation out there. We’re going to have to wait to see what happens with the mortgage settlement deal that the states made with the banks, which is still ongoing and then we’re also watching the NODs every month. 1500 in February, 1500 in January, those are pretty big numbers but not enough to get super excited about.
So what does that mean for you? It means if you’re going to buy a house, be prepared for multiple offers, bidding over list price and if you’re in a house and you need to sell, be prepared to be out in 30 days because it’s going to go in the market, get a bunch of offers. You’re going to get one accepted and you’re going to get a pretty good deal on your house.
So anyway, I thought I would share that with you. That’s the market update for April of 2013 here in Las Vegas and hope to see you on the next video. Thanks.