Hello. Welcome to Todd Miller TV. The topic of this blog is “Las Vegas housing inventory 2013,” and so most of you are aware we have a shortage of inventories.
So I’ve got actual numbers for you. We’re going to start with single family homes only and the whole Las Vegas area. That includes Henderson, North Las Vegas. Available to purchase meaning they may have offers but they’re not under contract or they may have no offers. They may just have gone on the market today. It’s 3400. That’s the round number, 3400 houses.
The numbers don’t mean anything to you if you’re not from here but we have two million people in Las Vegas, in the whole metro area with 3400 houses available for purchase.
Normally, in a healthy market, we should have about 8000 probably, maybe 10,000. But for sure, 3400 is low. The peak of the market, there were 26,000. That was when the market collapsed. This is what’s causing prices to go up is the shortage of inventory. A lot of other people have talked about this affecting housing inventory.
Condos and townhomes, another thousand. So you have the thousand condos and townhomes out there. This does not include high rises. That’s only the typical like two or three-storey condos. There’s another couple of hundred on the strip of the high rise condos which didn’t pull those numbers.
So what does this mean? What this means is if you’re trying to buy a house because of the shortage in the housing inventory in Las Vegas, you’re going be competing with multiple offers. So some tips are you should try to purchase with cash if you can. If not, you should be prepared to go above this price and be very competitive on your offer.
Yes, you will have to overbid. You can watch one of the other blogs I did that talked about home price appreciation where the prices are up 20 percent in Las Vegas.
So I don’t know how long this is going to go. I don’t know if it’s going to be a bubble. I’m just giving you the numbers so you can make that determination.
So really we have 4400 houses for purchase. They get bought. They’ve been replaced at the same rate roughly for the last nine months. But what you’re seeing here, this housing inventory, we have one. It’s not that you can’t get a place to live in. You can always go get a rental. There are plenty of rentals out there.
But if you’re trying to buy either investment property or property to live in, just be aware we have a housing shortage here in Las Vegas. I thought I would share that with you. That’s my update for today and hope to see you on another video. Thanks.