Our friends at Ticor Title forwarded the following charts to me. The charts are for Clark County, Nevada – namely the Las Vegas, North Las Vegas, Henderson and Boulder City markets. As you will see these markets in Clark County are experiencing the same inventory issues that we are seeing locally.
To see how Clark County’s market has changed recently, I’ve included the October 2011 chart and the February 2012 chart. Click on the charts below to enlarge.
Some metrics to point out…
- October 2011 saw 10,445 listed SFRs; February 2012 had only 6,802. This is a 35% drop in listed inventory.
- October 2011 saw 4.2 months supply of inventory for SFRs; February 2012 had only 2.5 months. This is a 40% drop in months supply.
- There were 3,068 SFRs sold in October 2011 (28% of the listed inventory). February saw 2,964 sales (or 42% of the inventory).
- Clark County’s median sold price in October 2011 was $118,700. February 2012’s median sold price was $129,629. This represents a 9.2% increase in median sales price.
Here in Washoe County, Nevada, we haven’t seen the increase in median sales price like Clark County has …yet; but we certainly are experiencing the same low inventory levels. Will our prices follow Clark County’s trend?
Another chart that I received showed the number of Notices of Default and Notices of Sale for Clark County (click on the chart below to enlarge). Again we observe the same trend in number of NODs and NOSs that Washoe County has experienced.
Stay tuned as I will be posting a closer look at Washoe County’s inventory levels by area in an upcoming post.