It’s not really new news, ’cause I pointed it out on Wednesday, but it’s worth featuring in its own special Frothing Developer Instagraphic:
How do you get this number? Take the 3,173 units sold in July and divide into the 22,091 units. The result is 6.96. That may not be much less than 7, but hell, we’re optimists.
August 23, 2008 at 3:04 am
I am willing to bet that that August’s numbers will not break 3,000 let alone 3,173.
August 23, 2008 at 5:55 am
There is currently 7,185 today in pending or contingent status on the MLS. If half of these close in August, this will well exceed the 3,173 mark in July……
Oh what the heck, I’m an optimist too!
We may be heading for another “frenzy!!!”
August 25, 2008 at 5:47 pm
[...] worth pointing out that although nationally we have inventory of 11.2 months, locally we have just under 7 months. And for the record, that’s down from 25.5 months inventory at the beginning of the year! [...]
August 25, 2008 at 6:41 pm
I know for a fact that many REOs getting 20+ offers now, so we should definitely see sales continue to increase for another couple of months. I do think numbers will continue to rise until Downpayment Assistance Programs are eliminated in October. Then we’ll likely see a drop in October due to fall outs and the general seasonal decline in sales. Right now, every smart Realtor should be encouraging first time buyers to buy NOW with the incentive of being able to get D.P.A. while they can along with the $7500 tax credit.
August 25, 2008 at 6:53 pm
Remove the 6,000 short sale listings that will most likely never be sold, and the inventory drops to five months-a normal inventory level. It’s no wonder that we’re hearing that quality foreclosure properties are getting more difficult to come by.
August 25, 2008 at 10:06 pm
Bill, I really think you’d be happier over at a negative place like http://www.housingdoom.com … =)
August 25, 2008 at 10:07 pm
Short Sale Listings are double-edged. I agree that those 6000 short sale listings will not likely close. But that just means they’ll eventually come back as foreclosure sales. So it makes sense to count them.
I think that we probably won’t match the 3173 number for a few months because it represents the cream of the April and May selling season. But we’ll be back…
August 25, 2008 at 11:23 pm
Bottom line is Las Vegas is selling. The nation’s housing recovery will begin in the west; Las Vegas to be specific. it will be the same as 9/11; Las Vegas strip picked in a month or two later whereas other states took a while.
August 26, 2008 at 2:56 am
I just don’t want your board to become a real estate salesperson/developer love in.
Harry
August 27, 2008 at 5:08 pm
To be honest, that’s what we want here. We want the love. We want to bring the love. We don’t want a debate between pessimists and optimists. That’s called “The Real World”. This is not the Real World. This is the world of froth and development. See our froth and hear our cry.