The Las Vegas market hit a peak in prices three months ago, and ever since then, the market has experienced both a softening in prices and an increase in inventory. At that peak, buyers had only a one month supply of homes from which to choose. But now, that has changed, creating more selection and a great opportunity for buyers.
Here is how the current supply breaks down. Inventory of homes under $500,000 is still low at three months. That's because a normal market is considered a six month supply of homes. Therefore, it's still a seller's market for homes that are priced correctly and in great condition.
On homes in the $500,000 - $1,000,000 range, the market has experienced an uptick in inventory to 7.1 months which moves that price range into the buyer's market territory. But where Las Vegas is really seeing the buyer's market is in the $1,000,000+ range where there is a one year and eight month supply of homes on the market. Those sellers will find pricing is critical in the face of all the competition on the market.
Expect yet more homes to come on the market in January as homeowners who wanted to get through the holidays before putting their home on the market move forward with selling.