Inventory is now back to 1 Month

After a the tightest inventory levels in Clark County history earlier this year inventory has been increasing the last several; weeks and now stands at a still tight, one month. But we were at 12 days a few months ago. Although the market is showing signs of a mild slowdown, one month of inventory still puts us securely in a seller's market.

This is particularly true in the single level detached home market. Small homes with one level are getting hit by two large demographics, the starter home buyer and the aging step down buyer. The pressure in this segment is still red hot. other categories such as condos and large two story homes are softening up a bit. Young first time home buyers are well advised to consider two story homes rather than single level as the older buyers tend to shy away from stairs.

With inflation continuing to pressure interest rates, buyers in the entry level price range need to act soon. Even if prices start to level out or even dip a little the effects of higher interest rates will make the home more expensive. Once priced out of the market it can be very challenging to get back in.

Here is some more data from the latest market action report on our local MLS.