What? That’s was so 2005. But, yes, real estate bidding wars are back in Las Vegas! The inventory of homes for sale without a contingent or pending contract has shrunk to an approximate one-month supply. Homes for sale under $150,000 are typically receiving multiple offers the day they hit the market. I just witnessed a 1600sf home listed for $79,900 receive over 15 offers in three days time and it sold somewhere north of $90,000. The market is strong up to about $500,000 after which it is steadily improving up to about $800,000. When you look over $1,000,000 the challenges remain with excess inventory and long marketing times. Usually the success in the low and mid range of the market will take time to filter up to the luxury home market. The new problem now is getting inventory. Banks, are you listening? Let’s get that shadow inventory out there while the demand is strong!
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