No matter what the national press pundits may say, think back to the year 2004, and that is where the roller coaster real estate market in Las Vegas is heading. You know it's a seller's market when there are multiple offers on almost every new listing within a matter of days, and the accepted contract price is above the listed amount. Once again it is becoming common for listings under $250k to have more than fifteen offers within 72 hours.
Local agents are finding it very hard to explain to out of state clients that they aren't "hiding" the listings. Clients that want to move to town are complaining that there are only one or two potential listings for them to choose from.
But the facts are: at the beginning of November there were approximately 11,500 single family homes actively on the market that were not yet under contract. Today, less than 6 months later, there are fewer than 5,000 active single family listings on the Las Vegas MLS. That's about a six week supply at the current rate of absorption, while new listings are just dribbling in handfuls onto the market.
And over the past few years there has been so much national news about the depressed state of Las Vegas housing, that buyers new to the market are still asking how much below list price they can offer. It's not until they "lose" one or two homes to other buyers (who already learned the same lesson the hard way) that the realization sinks in - it really IS a seller's market.
All of this is reflected in recent sales meetings across the city. Local Las Vegas real estate companies are brainstorming about how to find new sellers before their homes are listed in order to avoid the stiff competition and bidding wars. Agents that have buyers with specific needs are targeting neighborhoods and floor plans and knocking on doors with their client’s contract in hand, hoping to find an owner that has not yet listed their home for sale.
And last, but not least, prices are starting to inch their way up again. Not that anyone is expecting a real estate boom again. But right now Las Vegas is still one of the most under priced markets in the country, so there is plenty of upward room to grow until it hits a stable level of pricing again.