Inventory rising in several areas of the country including Vegas

[Robert Adams]

There have been a lot of reports about rising inventory across the country including Las Vegas and Henderson. Just wanted to start a discussion on the topic and get the feedback from the active community here and see what everyone is experiencing.

Rising prices, rising interest rates, affordability are all hot topics and on the radar for future concern....and now rising inventory.

It is important to remember that our inventory has been historically low for a while now so even though it is up and continuing to increase it is still a sellers market (here in Vegas/Henderson) and relatively still low. 

We are however, advising our buyers of these changes and submitting slightly lower offers now that sellers have less offers on the table and there are more listings to choose from.

That is our feedback but interested to hear others feedback. Hope everyone is doing well. Happy Friday!

[Account Closed]

yes, the inventory is rising.  However, if you look at the supply closely, the inventory is still considered extremely low.  

6 months supply is a balance market.  

The supply is rising from say 1.3 months to 1.6 months supply.  

If you divide the supply into two categories, houses below $300k and houses above $300k.  

The supply of the houses above $300k is about 2.65 months, and the supply of the houses less than $300k is about 0.95 month, less than one month supply. 

Just look at the numbers closely, 0.95 months and 2.65 months supply are definitely a seller market.  

I would not worry about Vegas housing market until the supply exceed 6 months supply.  We are still in a very good shape.  

In additional, Las Vegas housing price is still 25% below 2006 pre-recession price, there are still a lot of room to grow.  

I’m waiting to see the housing price to hit 2006 pre-recession price again and higher the next two years...