Mike Lamb's Blog

March Update

Mike Lamb — Tue, 17 Apr 2012 15:13:00 GMT

After 8 months of modest but steady improvement, this market is showing signs of recovery in almost every indicator. For example,

New sales activity remained at healthy levels, up 1.7% from February.

Closing activity was also good in March, up 25.6% from February and up 5.6% from March 2011.

By the end of the month there were 1,166 Solds Year To Date, the second best total since 2007, behind only tax credit stimulated 2010.

Listing activity also improved in March, up 12.3% from February (which is typical of the season) but still down 13.3% from March 2011. Yet even with the increase in listing activity, there were just 1.2 new listings submitted for each pending sale reported.

Permalink | Comments

February Update

Mike Lamb — Sun, 18 Mar 2012 13:03:00 GMT

February was another good month in the Clark County market, the 7th in a row in which the market has continued to improve. New sales activity reflected this, with 532 New Pending Residential Sales, up 11.1% from January and up 30.45 from February 2011. Other changes included:

Closing activity was the strongest in February since 2007, up 19.7% from February 2011 and up 7.9% from February 2010.

Solds Year To Date (including all property types) were up 7.3% from February 2011, and up 3.4% from tax credit stimulated February 2010.

The backlog of pending sales waiting to close grew to 1,242, up 9.1% from January.

Listing activity was weak though, down 51% from January and down 15/7% from February 2011. As a result there were only 5.0 months of inventory based on the number of pendings reported in February.

Permalink | Comments

January 2012 Update

Mike Lamb — Tue, 21 Feb 2012 09:35:00 GMT

The Clark County real estate market started 2012 on a really strong note, extending its improving trend to 6 months in which every month has been the best since at least 2007. The best indication of the strength of the market was in new sales activity, up 21/5% from January 2011, and up 15.5% from January 2010. Other changes included:

Closing activity was the best it has been in January since 2007, up 6.1% from January 2011, and up 8.0% from January 2010.

The backlog of sales waiting to close grew to 1,138 pendings, up 31/3% from January 2011.

Solds Year To Date (includes all property categories) were up 1.5% from January 2011, and up 13.4% from January 2010.

Listing activity was weak though, down 22.5% from January 2011 and down 33.6% from January 2011.

Inventory, reflected in Active Listings fell to 3,915, down 18.6% from January 2011 and the lowest since January 2006. There were only 5.6 months of inventory available based on the number of new pending sales in January.

Permalink | Comments

2011 Year End Update

Mike Lamb — Sun, 15 Jan 2012 13:28:00 GMT

The Clark County market closed 2011 on a decidedly positive note, following five months in which every month was the best since at least 2007. And one of the most encouraging things about the market was that new sales activity was the best it has been in December since 2006. Changes included:

New Pending Residential Sales were up 0.5% from December 2010, and up 5.1% from December 2009.

Closing activity was also very good, the second best in December since 2006, only behind tax credit fueled 2009. New Closed Residential Sales were up 14.1% from December 2010.

Total sales for the year finished at 5,656, the best total since 2007, and up 5.7% from December 2010 and up 4.2% from December 2009.

Listing activity was weak though, with only 449 new residential listings submitted in December, only 1.2 new listings for each pending sale reported. According to RMLS there were only 6.5 months of residential inventory based on the number of sales closed in December.

Permalink | Comments

November Update

Mike Lamb — Wed, 21 Dec 2011 08:07:00 GMT

The Clark County market just had it's best November in terms of sales activity since 2005. This could be seen in new sales activity with 450 New Pending Residential Sales reported, up 21.6% from November 2010, and up 10.6% from 2009. Other changes included:

A strong month for closed sales, up 17.2% from November 2010.

Solds Year To Date rose to 5,128, up 3.7% from 2010, up 8.2% from 2009, and better than any year since 2007.

Listing activity continued to be weak though, down 10.9% from November 2010. There were only 1.18 new listings for each pending sale reported in November.

There were only 4,065 Active Listings at the end of November, the lowest in any November since 2005.

And there were only 2,848 Active Residential Listings, providing just 6.3 months of inventory based on the number of pending sales in November.

Permalink | Comments

October Update

Mike Lamb — Mon, 21 Nov 2011 11:18:00 GMT

October was another good month for Clark County real estate. But more than that, it was also the second best October since 2006. New sales activity reflected this, with 508 New Residential Pending Sales reported, up 5.8% from September, up 30.3% from October 2010, and better than October 2008 and 2007. Other changes:

It was the second best October since 2006 for closed sales, up 24.7% from last year.

Solds Year To Date continued to move further ahead of 2010, now up 2.8%, and better than every other year since 2007.

Listing activity continued to be weak, down 6.9% from October 2010. There were only 1.25 new listings for every new pending sale reported in October.

The number of Active Listings fell to 4,232, down 18.9% from October 2010 and the lowest they have been in October since 2005.

Permalink | Comments

September Update

Mike Lamb — Fri, 21 Oct 2011 09:21:00 GMT

Even though September was not a blockbuster month like August, it was still another good month for the Clark County market. There were 480 new pending residential sales in September, up 20.3% from September 2010, and better than both September 2008 and September 2007. Other changes included:

Closings were up 22.8% from September 2010, and were also better than September 2008 and September 2007.

Solds Year to Date moved ahead of 2010 levels in September, and with a large backlog of pending sales waiting to close, 2011 is almost certain to record more sales than any year since 2007.

Listing activity continued to be relatively weak, down 11.9% from August and virtually unchanged from last September. There were only 1.4 new listings for each new pending sale in September.

The number of active listings fell 1.0% from August to 4,374, the smallest number of Active Listings in September since 2005.

Permalink | Comments

August Update

Mike Lamb — Tue, 20 Sep 2011 09:59:00 GMT

The Clark County market really took off in August, with new sales activity at its strongest since August 2006. There were 711 new pending residential sales in August, up 42.8% from July and up 63.5% from August 2010. Other changes included:

Closings were very good, although slightly behind June. Still this was the second best month for closings since June 2010 and the best August since 2007.

Solds Year To Date grew to 3,758, down just 1.0% from 2010 and on track to end the year as the best since 2007.

Listing activity was relatively weak in August, up 0.7% from July. There were just 1.1 new listings for each new pending sale reported.

Active Listings fell to 4,416, the smallest number of Active Listings in August since 2005.

Permalink | Comments

July Market Update

Mike Lamb — Sun, 21 Aug 2011 18:01:00 GMT

The Clark County market in July was a lot like the weather, not hot but pretty nice. New sales activity reflected this, down 6.0% from June, but up 14.5% from last July and also up 8.5% from July 2008. Other changes included:

Closing activity was up 47.1% from July 2010 and up 8.0% from July 2008.

Solds Year To Date grew to 3,214, down just 4.7% from last July and better than any other year since 2007.

Listing activity declined following the normal seasonal pattern, and there were still just 1.5 new listings for each new pending sale.

Inventory fell to its lowest levels in any July since 2005.

Average price grew in every category from June, but are still down from last year. For example, Median Sale Price Residential was down 32.1% from it's July high in 2007.

Permalink | Comments

June Update

Mike Lamb — Tue, 19 Jul 2011 16:38:00 GMT

Summer's somewhat questionable arrival did bring continued healthy activity in the Clark County market. New sales activity was statistically unchanged from May's strong performance, and was up 25.6% from June 2010. This was the fifth month in a row for this stronger new sales activity. Other changes included:

The best closing activity of the year, with 490 new closed residential sales.

Solds Year to Date rose to 2,691, still down from 2010, but up 22.8% from June 2009 and up 10.6% from June 2008.

Listing activity grew slightly but there were still just 1.5 new listings for every new pending sale.

Inventory was still down to its lowest levels in June since 2006.

Average prices fell in June, but this was due to increasing sales in the lower price ranges, which pulled the averages down.

Permalink | Comments

May Update

Mike Lamb — Sat, 18 Jun 2011 14:29:00 GMT

The Clark County market finally showed signs of significant improvement in May. New sales activity was up 2.9% from April, and with 531 New Pending Residential Sales, was better than last May. Other changes included:

Improved closing activity, with 419 New Closed Residential Sales.

Solds Year To Date were still down from 2010, but were up 28.2% from May 2009 and up 9.9% from May 2008.

Listing activity improved, but inventory didn't grow significantly, there were still just 1.5 new listings for each new pending sale.

Based on pending sales, there were just 6.5 months of available inventory.

Prices continued to stabilize in May, with the median Residential Sale Price unchanged from April, and the average residential sale price up 3.6% from April.

Permalink | Comments

April Market Update

Mike Lamb — Sun, 22 May 2011 20:32:00 GMT

April's rains seem to have dampened real estate activity in Clark County. This could be seen in the 8.4% decline in new sales activity from March to April. Still there were 516 New Pending Residential Sales reported in March. Other changes included:

Closing activity improved significantly in April due to relatively strong sales activity in February and March.

Solds Year to Date were down only 8.7% from 2010, but were up 28.8% from 2009, and up 7.3% from 2008.

Listing activity also declined in April, down 2.7% from March with only 748 new residential listings submitted. This was just 1.5 listings for each new pending sale reported.

Based on pending sales, there were only 6.7 months of available inventory in April.

Prices increased a bit in April, with Median Sale Price Residential up 1.9% from March. This reflected growing competition for good listings and the increasing numbers of multiple offers on listings.

Permalink | Comments

March Update

Mike Lamb — Tue, 19 Apr 2011 19:28:00 GMT

The Clark County market improved significantly in almost all categories from February to March. The most impressive change was in new sales activity, which soared 38% from February. Other changes included:

New Pending Residential Sales were down 15.3% from last March, but were up 25.1% from March 2009, and up 22.7% from March 2008
New Closed Residential Sales were up 42.3% from February.
Solds Year To Date were down just 2.4% from last March, but were up 34.8% from March 2009, and up 11% from March 2008.
Listing activity was up 9.1% from February, but inventory remained at it's lowest levels since 2006. And more significantly, based on pending sales there was just 6 months of inventory available.
Prices continued to weaken in March. But this was predictable since prices typically lag an improving market.

The challenge now is a growing lack of good inventory . . .

Permalink | Comments

February Market Update

Mike Lamb — Mon, 21 Mar 2011 09:43:00 GMT

Things started to improve in the Clark County market in February. And while the improvement was modest, it was a tantalizing hint of better things to come. Some highlights:

New sales activity was up 6.5% from January.
Solds Year To Date were down 3.7% from last year's turbocharged market, but were up 42.6% from 2009 and were 11.1% from 2008.
Inventory continued to decrease, now at its lowest February levels since 2006. Based on pending sales in February there were just 8.3 months of available inventory, down from 9 months in January.

Better yet, anecdotal evidence suggests the market is continuing to improve in March.

Permalink | Comments

The latest on Clark County Real Estate . . .

Mike Lamb — Mon, 21 Feb 2011 15:15:00 GMT

My latest Clark County Market Report is done. Here's the summary:

Fortunately, the positives in January significantly outweighed the negatives. The fact that new sales activity has been consistently at levels well above 2009ï¿½s bottom is very good news. And the relatively good closing activity shows we have the capacity to handle an improving market. Prices are also very attractive, essentially at or below 2004 levels, which is great for buyers. The biggest challenge is a lack of good inventory. Many of the available listings are short sales which have offers waiting. So when you factor those out, there is a real need for more good listings.

Permalink | Comments