Who is Frank Nason? This is Frank Nason: . Beware of listening to Frank Nason. He’s suffering from GLVARitis, a disease involving the regurgitation of wildly incorrect data to the local newspapers. Frank was quoted in yesterday’s LVRJ as follows:
Frank Nason, president of Las Vegas-based Residential Resources, said the number of listings is stable, but has increased every week in recent months.
“That has reduced the supply of homes on the Multiple Listing Service from about 18 months at the beginning of the year to 13.7 months at the end of June.”
There’s only one problem with Frank’s comments: They’re 100% wrong. You’re WRONG, Frank! Wrong, wrong, wrong!
The same article that Frank is quoted in states that Realtors sold 2,226 single family homes in June and 294 condos and townhomes. That’s 2,520 units. Now, everyone remember our Trained Monkey exercise from yesterday? Let’s have Trained Monkey pull up the MLS availablility for SFR, CON, MAN, and TWN, the four categories of availability. Result? Trained Monkey pull 22,128.
Now, let’s have Trained Monkey do some 5th grade math. Divide 2,520 into 22,128. Trained Monkey get 8.78.
Not 13.7 Months!
Are you listening, Nason, you Nay-sayer? (damn, I’m good!)
There are LESS THAN 9 MONTHS OF AVAILBLE INVENTORY IN LAS VEGAS!
[sound of Frothing Developer hopping up and down]
Everyone repeat after me!
8.7 months is a big improvement in just 30 days. Last month we showed we were down to 9.1 Months.
Did you hear me?
LESS THAN 9 MONTHS!
And it is NOT true that the number of listings is stable, NOR is it true that the number of listings has increased every week in recent months.
This is the ACTUAL MLS Data on listings:
Raise your hand if that looks like an “increase in listings”. Does that look graph look stable to you? To Frothing Developer it seems kinda downward-sloping.
Frank, Mother Developer always said “if you can’t say anything correct, don’t say anything at all. Or at least, don’t BS obviously where people can see you and point at you and laugh.”