Friday, May 27, 2016

Spring Inventory is helping, but we need more

Now that May is nearly done, the inventory boost that typically increases supply has begun to show up in the MLS. However it isn't enough to slow down the seller's market. Buyers will need to continue their diligent efforts to find a home and present the winning offer.

The MLS currently shows 1175 active listings in Clark County and we have been selling about 700 a month. That is a six week inventory. It is still very tight.

The interesting thing is that the median sales price has been just shy of $300,000 countywide the last couple of months yet the median priced listing is currently $406,000 countywide. Buyers in the $400k plus market are not going to be quite as challenged as the inventory to buyer ratio is a more healthy balance. Buyers in the median to sub median range will continue to struggle with multiple offers and above asking sales prices.

Buyers need to realize that time is not on their side in these kinds of situations. Sellers also need to be prepared to find a home fast. This can be a hectic time for real estate but it is kind of exhilarating as well. Just keep your chin up and enjoy the ride.

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