The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year! Absorption for December 2009 is a seller's market @ 3.2 months of 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 a stabilization of 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 (2/15/2010): 10211
- Under Contract (2/15/2010): 14086
- Sold January 2010: 3148
- Month's Inventory: 3.2
Short Sales:
- 47% of Listings
- 22% of Sales
REO (Foreclosures, Bank Owned:)
- 17% of Listings
- 60% 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 DOWN -213 units, Contracted Listings UP +845, Sales are DOWN - 987 units. December's sales were unusually high and January's numbers are still higher than last January. Close ratios are going lower because much of the pending inventory is short sales which requires LONGER close times.
DOWN PAYMENT ASSISTANCE HAS NOT ENDED FOR FIRST TIME BUYERS, HOWEVER!!
The Most Current REO (Foreclosure) Report
Great blog...very informative...good luck with your sales. I hope they continue to stabilize!
Renee - Hard to sell what isn't there. Any new forclosures looming? I keep hearing about the shadow inventory, but have yet to get verification here. Maybe I'm not digging enough?
Ben: I do too!
Claude: LOL at first sentence! Would you like to put an offer in a firesale priced home that doesn't exist? LOL! Inventory is coming online quickly but buyers are snatching the stuff up just as quick! I don't believe in the shadow inventory fairy!
Renee, those are some huge numbers. When I first looked, I thought they were zip codes. lol
The Miami market is showing similarities to yours. What a change over a year ago.
Renee, It sounds like you are starting a recovery of sorts. It's great to hear. If I had to deal with a foreclosure and ss market like you have, I'd be bald from pulling my hair out. I hope business continues to head up for you!
I LOVE your graphs. What program do you use to create those? They look so sharp!
Renee - It's AWESOME that the Las Vegas NV real estate market is seeing stabilization!!!
Renee
I can't even begin to imagine how busy you are in your market; I just concentrate on listings and buyers. You do it all in BPO,sales,listings and more. You are like endless energy.
Renee,
REO sales amount to 60% of all sales, reflecting that the Vegas housing market still is rather off-balance.
From the desk of David Dee,
Renee, looks like pending sales is outstripping active listings for the past 3 quarters. There is light at the end of the tunnel. :D
Btw, the top graph reminds of the game Vanguard from the Atari 2600. Nicely done!
You wrote:
Short Sales:
REO (Foreclosures, Bank Owned:)
The above breakdown shows how very few short sales are being closed and how little inventory is in the REO market currently.
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If short sales are 22% of sales and REO are 60% of sales, that would appear to be a significant market share of closed sales???
What am I missing??? Does "Sales" have the same meaning as "SOLDs"?