When you are about to sell your Las Vegas home, determining an appropriate price can be the hardest part. Emotions can cloud your thinking.
So use data to help you decide. One of the best places to start is to check out the absorption rate. This is an easy mathematical formula that tells us how many months it will take to sell all the houses listed in the MLS. A six-month supply is a balanced market. Anything under six months is a seller’s market; anything over six months the buyers rule.
Here are the stats for Las Vegas as of February 28. Currently there are 10, 146 homes listed in the Las Vegas MLS, which is the basis for this calculation.
The 12-month absorption rate: 3.443 months
The 6-month absorption rate: 3.831 months
The 3-month absorption rate: 4.157 months
Clearly, the absorption rate is increasing. What does this mean? My analysis for sellers is:
- We are moving to a buyers’ market.
- Too many houses in the MLS are over priced because sellers still believe it’s a sellers market. That’s why it’s taking longer for them to sell.
- Don’t expect bidding wars.
My analysis for buyers is:
- Be careful. Don’t pay more than the house is worth. If the seller won’t bargain, the operative word is “NEXT.”
- You have more to look at, so hone your selection criteria.
- Finally, you are in the driver’s seat. Enjoy!
I will be publishing the absorption rates every month. We will track the market together.
((hugs)) BETH Ellyn
The Las Vegas Real Estate Concierge
Managing Broker, Nevada
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MBA: L’ecole du Hard Knocks