Chart of the Day: Beating the house in Las Vegas

March 31, 2011

by Scott Sambucci

2 comments

Interesting news on the Las Vegas housing market this week – sales reached a 5-year high according to Dataquick.  Surprised?

The positive signals have been building for the last 14 months:

More recently, the price of new listings (the new sellers entering the market each week – black line below) moved above the overall market ask price (all available sellers – orange line below) by mid-October 2010:

Price of new listing & aggregate market ask prices since September 2010:

On a percentage basis:

Price of new listings as a percentage of aggregate market ask prices

With price reductions leveling off this Spring (still elevated but down from the 55% range we saw back in early 2009):

Percentage of active market sellers that have reduced their asking price in the most recent 90-day period

The cues were there.  Remember the house wants you to win – that’s the only way you’ll come back for more…

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