Las Vegas home inventory grows

In some circles this was cautiously anticipated. Now it's a cold reality. The Greater Las Vegas Association of Realtors, or GLVAR, released its monthly report yesterday and it shows single-family house inventory climbing to 23,642, a new record. It topped the prior peak of 23,474 that was reached in October of last year. This information was put together from data in the Multiple Listing Service, or MLS.

That's the bad news. On the good news side is the value of property, stubbornly holding on. The median price inched up 1.2% from May, to $305,000. It's not much but under the current circumstances you take anything that's coming your way. Compared with last year in May, however, there is a 3.2% decline, amounting to about $10,000.

All in all, the Southern Nevada real estate market continues under the banner "soft". No escaping that. What you can tell from the above numbers is that sellers can still get pretty much what they are asking for, if they are patient. Prepared to wait a few months to get the right offer. For buyers, it's your market, no matter which way you look at it. There are bargains out there by the truck load, so go ahead and take advantage of it.