Monday Statistic: Inventory at Lowest Level Since September of 2006

The market recovery in Las Vegas has hit a new milestone. Adjusting for seasonality, Inventory has dropped below 2007 levels and is now at the lowest level it has been at since September of 2006.

That’s 20 months.

Here’s the data from 2006:

Date

SFR and Condo

8/2/2006

19952

9/6/2006

20654

9/20/2006

20814

You can see from this that inventory was surging in August and September of that year, no surprise to anyone who was there.

Here’s the latest data:

Date

SFR and Condo

4/3/2008

21561

5/7/2008

20783

5/17/2008

20607

You can see that inventory for SFR and Condo has fallen through the 21000 level and is now at 20,607.

image

I use “adjusting for seasonality” to reflect the fact that in the holiday months of 2006, inventory took its traditional holiday dip. But it bounced right back up in 2007.

This continues to be the most underreported story in Las Vegas. Those considering investment strategies may want to keep in mind that the big money is usually made by being a few months ahead of when an idea becomes aware to “the masses”.

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