The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year! Absorption for October 2009 is a seller's market @ 2.1 months of inventory (dropfrom last month, seeing some micros inch up with inventory!) Some micro-markets (ie,Foreclosures Bank Owned, REO) are extreme seller's markets where there is no mercy to the buyers, multiple offers are the norm!
We are FINALLY seeing an increase with inventory and a decrease with escrows (we should have seen that late spring/early summer!) Good news for buyers? Still remains to be seen. We need to get over 10000 active units on the market before it can be stabilized from a seller's market
Las Vegas Area Market Activity (Includes North Las Vegas, Henderson and Las Vegas)
- Listings (11/15/2009): 10393
- Under Contract (11/15/2009): 14609
- Sold October 2009: 4328
- Month's Inventory: 2.4
Short Sales:
- 43% of Listings
- 16% of Sales
REO (Foreclosures, Bank Owned:)
- 22% of Listings
- 66% of Sales
The above breakdown shows how very few short sales are being closed and how little inventory is in the REO market currently.
In One Month: Listings are UP +22 units, pendings are DOWN -425 units, closings are UP +160 units. Close ratios are going lower because much of the pending inventory is short sales which requires LONGER close times. Pending inventories usually level late spring ~ FIRST TIME BUYERS WANT THEIR TAX CREDITS (must be in contract by Nov 1 and close by Dec 1) and INVESTORS ARE SEEING OPPORTUNITY!
DOWN PAYMENT ASSISTANCE HAS NOT ENDED FOR FIRST TIME BUYERS, HOWEVER!!
The Most Current REO (Foreclosure) Report
The Most Current Short Sale Report
The Most Current Las Vegas Area Pendings Report
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Hi Renee. I particularly like the under contract trend line in your area. You are coming out of a big mess for sure.
Renee, The demand that created the remarkable development in Las Vegas still seems to be fueling your market. Having only 2.4 months of inventory is remarkable, all things considered.
Renee, Good news on the Pendings. I hope the many changes tighting the lending laws don't have an adverse affect on our market. One can only hope the short Sales, REO, etc...become less of a common occurrence and more of an exception so prices can stablize and the market rebound!! Have a great day my friend!!
Must be nice to have inventory in the thousands...ours is in the hundreds
Renee
I bet it will be nice when you see a normal pattern of buying and selling occur one day again.
Inventory is going down significantly here. Two listings in the last few weeks went into contract the week after listing it.
Hi Renee!
Renee:
I like when the under contracts crossed the listings back in May. This confirmed the reversal.
Richard
Hi Renee, I love your charts and the way you explain your market. Good to see so few REOs in the mix.
Gary: Big mess is putting it kindly!
Steve: We aren't seeing much in the way of appreciation (thanks to lienholders pricing) but we will get there. We have at least seen some stabilization since may!
Debbie: UW guidelines tighting have affected us big time in the last three years. I wouldn't be suprised to watch mortgage financing go away....period!
John: It's all relative. We still barely have inventory when you exclude overpriced homes.
Tom: AMEN!
Sally: Great news!
Richard: It most defnitely did confirm the reversal and that is precisely when we turned into a seller's market!
Mary: Thanks! There are few REOs but people are chomping at the bit for them!!