A Glass Half Full Looks Like This
Aug 14th, 2008 | By
Grant House) | Category: Featured Real Estate Articles
Here is the updated July 1 to July 31 2008 Single Family Closings graph including all the late postings by the procrastinators according to GLVAR data today. My magic number is 2516.
GLVAR could have a slightly different number when the official number is announced.
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So much for wondering when we would hit 2500.
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Maybe it’s because Las Vegas now has over two million people. Maybe it’s because nobody is buying new construction and instead a lot of those buyers think the resale/REO/short sale market looks like a better deal.
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This is the first July in five years, and that includes the “Boom”, when sales went UP over the June numbers. Closing numbers have now gone from historic lows to being better than all but the historic highs in just four months. 2500 closings is about as good as things got in 2006 and is a total eclipse of 2007. The single family closing numbers have increased for seven consecutive months. They may have NEVER done that and pending closings are steady, so August, when closings traditionally rise, looks solid.
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The House Team still has buyers fighting to win a house in the multi-offer mania of the REO world. We have buyers waiting to close their short sale contracts. Most REALTORS(r) I talk with say the same thing. The frustration they feel is now the norm for the REO/short sale market. It represents an opportunity for the private owners who need an offer.
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What does the future hold? I feel everything I said in the previous post I feel still applies, there are sure a lot of buyers coming from somewhere, and it isn’t too hard to believe the glass is at least half full.
Las Vegas Home Sales July 2008
| 2.9 |
