Inventory Drops Below 7 Months! Boo Yah!

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:

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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.

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10 Responses to Inventory Drops Below 7 Months! Boo Yah!

  1. bill says:

    I am willing to bet that that August’s numbers will not break 3,000 let alone 3,173.

  2. 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!!!”

  3. […] 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!  […]

  4. Demetrio, C21 says:

    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.

  5. Tom says:

    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.

  6. frothingdeveloper says:

    Bill, I really think you’d be happier over at a negative place like http://www.housingdoom.com … =)

  7. frothingdeveloper says:

    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…

  8. Chris says:

    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.

  9. bill says:

    I just don’t want your board to become a real estate salesperson/developer love in.

    Harry

  10. frothingdeveloper says:

    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.

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