July 2012 Market Update – Las Vegas Real Estate Episode #228
Hello! Welcome to Todd Miller Tv. Today’s update is a market recap for July. I know it’s the beginning of the month but the hot news is the inventory’s disappearing and there’s people have given all these reasons why that’s happening and so, as you know, if you follow my videos I track this every month and I found something interesting this month because everybody’ screaming about AB-284 and all this other stuff and inventory is going away and everything, but the truth is, month over month, the inventory’s level hasn’t changed. It actually stayed the same. And this is the buying season. There’s tons of investors buying. We’ve got tons of investors buying. They were coming to us and we were finding them properties; but, the interesting thing is, month to month the inventory hasn’t dropped. If you watched the video I did last month, and watched this one, that monthly number of inventory/properties which were available, which were about 5,300 and change is the same. We still have the same number of properties. Now what’s really interesting is that the amount of new listings in the last 30 days is about 3,500. And that’s exactly the number of sales in last 30 days. So, they’re getting replaced and I/we talked about this before. The market is sort of at this point where/because it’s lower than what we normally used to, it’s still causing prices to go up. The sort of common belief is that there’s all these REOs that are somehow gonna hit the market at once and then prices are gonna drop again. And I saw sort of a funny cartoon that made me think about that when I’ve been hearing what people are saying about the market falling again. Showed a picture of a house and it said “One Dollar” you know, and then there’s this couple thing in front saying “Well we’re gonna wait ’cause we think that market’s gonna go down some more” you know. It was a house for a dollar. Zero percent interest rate, right? So, as cheap as homes are, it makes sense they would start to go back up. And I don’t think there’s any proof that these flood of properties is gonna come back on the market. One interesting though that we have seen is the NOD’s have started up again. We’ve seen a lot of NOD filings, last couple weeks they’ve been picking up, it’s not uncommon to see 60 or 70 NODs in a day. You know, I predicted that the NODs would start coming back. I really thought it would happen in January, February, it took a few months longer. So, we’re still gonna continue to see a slow flow of REO properties hit the market, and once these NODs start to pick up again, the number of foreclosure will start coming back but it’s not gonna be a flood. I think it’s just gonna be a nice slow steady stream, which makes sense given that the way the NODs are coming back. Coming back slowly but you know, I think yesterday the list came out for Friday that came out for Thursday was about 7 properties which isn’t bad. So, the big numbers here are that month over month form June to July, no change in inventory, 3,500 new properties came on the market, 3,500 sales in the last month, prices tending to creep up a little. These 30, 40, 50, 60, 70 thousand dollar houses are tending/starting to go away. We’re starting to see home prices go up a little bit. So, anyway, I just thought I wold share that with you/interesting observation.All factual, not a bunch of hype. I didn’t strip out a bunch of data which a lot of people are doing. “There’s only 800 houses!” that’s not true. There’s not. There’s plenty of houses. So anyway, I thought I would share that with you, that is my update for July. I’ll do another one beginning of August. We’ll check the inventory for the previous month. Anyway, that’s my update and hope to see you on another video. Thanks!