Las Vegas Absorption Rate

Las Vegas resale housing inventory seems to have moved up a bit over the last to weeks.

On February 28th, 2007 I noticed that we in the Las Vegas Valley were looking at about a 7.6 month supply across the board for single family (SFR) and 13 months for condo. This was based on a supply of 16,106 for sale with 2,115 sold in the last 30 days of 2/28/07 for single family homes and 3,528 condos for sale with 247 sold in the previous 30 days.

The current number of single family homes for sale right now is around 16,322 with 1,883 homes sold in the last 30 days. This puts Las Vegas at about 8.7 months of supply.

Looking at the condo market we see the same thing. 3,607 condos are for sale with 244 closings in the last 30 days for a 14.8 month supply of condos in the Las Vegas area.

Although these numbers are up, I'm wondering if it might have something to do with the time of the month that these numbers are pulled. I've been randomly tracking the absorption rate at various times of the month and plan to pull all of the numbers together to see if there is a trend or if it is uneffected by the date range that is used. One thing to note is that whenever these numbers are pulled they do include the end of month closings.

You can see historical absorption rates at blog.johncalvert.net.

As a disclaimer, these numbers represent the entire Las Vegas valley and are generic. To see what the absorption rate is for your area a more detailed analysis should be done. Some areas are higher than the Las Vegas average and some are lower. This is also a good way to see what areas are priced right and possibly the more desireable areas.

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