I’m sharing what our current home inventory looks like and why this is crucial information for both buyers and sellers.
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Here’s what you need to know about our current inventory in Las Vegas:
We ended January with 4,906 single-family homes on the market; that’s down almost 33% compared to 2019. We had 1,418 condos on the market, down almost 17% compared to last year. This means we’re short on inventory.
Right now we’re sitting at 2.1 months of inventory for single-family homes. For condos, we have about 2.5 months of inventory. In a normal market, we would see four to five months of inventory. This means our current inventory would have to almost double to balance out the market.
If you’re a buyer, you’re in for a battle.”
What do these numbers mean for buyers? If you’re a buyer, you’re in for a battle. You’ll have to have a very strong, competitive offer and work with a real estate agent to help position you correctly to win in this market. You’ll be competing with many other buyers. You’ll likely have to write an offer asking for zero closing costs, no home warranty, and you may have to shorten your inspection windows.
What does this mean for sellers? You’re currently in an enviable position because of the shortage of inventory. If your home is in fairly good condition, shows well, and is priced reasonably, there’s a great chance you may receive multiple offers.
If you have any questions as a prospective buyer or seller, give us a call or send an email. We would love to help with any of your real estate needs.