Friday, June 1, 2018

Market has become a mixed bag...

June is the start of the summer season for real estate and sellers that want to move out this summer in time for a new school year or just during the fair weather, now is the time to list. Typically the local market sees a modest boost in activity during the summer months and that can be good for both buyers and sellers. Sellers get a few more buyers looking and buyers get a few more houses to consider. It's a good thing all around in a market that has tightened up especially int he sub 400k range locally.

Despite what people may hear watching local and national news outlets, not every sector of our market is a raging seller's market. In the median to sub-median price ranges under $400k seller's are controlling the market with multiple offers and little room for negotiation by buyers. Seller's are still in a favorable position on homes priced up to $500k but above that inventory starts to get flush.

Clark County is sitting on 6-7 months of inventory in the $500 - 750k range which is neutral leaning a bit towards buyer's favor. From $750k - 1M things get worse for sellers with roughly a year's worth of inventory and buyer's are in control. Above one million dollars we have a bloated inventory that would take more than four YEARS to deplete if no new listings are added at the current rate of consumption. Seller's in this price range are truly at the mercy of buyers. 

News media outlets tend to focus on the entry level and mid range prices that are still very hot, but many sellers in the upper range are a bit disillusioned about the market and some are shocked to find unfavorable conditions. This bodes well for entry level and mid range sellers that can still get top dollar for their small house and capitalize on a flush inventory for their larger move-up home.

The real estate market is a moving target and sellers are wise to consult a local pro with experience in the neighborhood they live in. Real estate is a local market and conditions can vary widely between price ranges, housing type, and location.

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