BluefoxToday blog : Las Vegas NV Area Pendings March 2010 Real Estate Market Report: Homes For Sale, Under Contract, Sold

Las Vegas NV Area Pendings March 2010 Real Estate Market Report: Homes For Sale, Under Contract, Sold

Las Vegas Area Real Estate Inventory

Las Vegas Area Homes For Sale

Las Vegas Area Real Estate Market Report

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 with very little 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 (4/15/2010):  9302
  • Under Contract (4/15/2010):  15787
  • Sold March 2010:  3833

Short Sales:

  • 46% of Listings
  • 25% of Sales

REO (Foreclosures, Bank Owned:)

  • 15% of Listings
  • 53% 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 -677 units, Contracted Listings UP +857, Sales are UP +864 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. 


Last Month's Pending Report

The Most Current REO (Foreclosure) Report

The Most Current Short Sale Report

The Most Current Las Vegas Area Pendings Report

Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®


copyright 2006-2013 Renee Burrows, REALTOR®, Savvy Home Realty Solutions  702-966-2494

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Comment balloon 9 commentsRenée Donohue • April 26 2010 06:49PM


Renee ... some of the BEST reports on AR!!!!!!!!!!!!!!!!!!!!

Posted by Pippa Mac, The Woodlands TX Real Estate (Chevaux Group Realtor, The Woodlands and Spring) almost 8 years ago

I find your definition of a stable market very interesting.  I think a stable market is 4 to 8 months of inventory.

Do you use solds for one month or some longer period when computing absorption rates?  Using one month makes for more seasonal variation.  Using three months sales makes for less.

Posted by Jim Hale, Eugene Oregon's Best Home Search Website (ACTIONAGENTS.NET) almost 8 years ago

Increase in sales and decrease in inventory.  Good to see that your market is doing good.

Buyers and sellers are fortunate to have your clear, comprehensive and thorough market statistics.

Posted by Sun City Grand Homes Surprise AZ Real Estate Leolinda Bowers Designated Broker Leolinda Realty, Sun City Grand in Surprise Arizona (Leolinda Realty) almost 8 years ago

I am just amazed at how much of a "sellers" market you are in. Absorption Rates in the 2's? That is crazy. My market was as high as 10, it has now moved down into the high 6's or low 7's. Our average priced has leveled off and I am seeing some areas with a little appreciation. But I don't think we are out of the woods yet.

Thank you

Posted by Scott Baker, Realtor Homes for Sale in Cincinnati, West Chester, Mason, OH Area ( Coldwell Banker West Shell) almost 8 years ago

Renee - Inventory appears to be consistently going down in Las Vegas NV each month, but sales tend to vary, I'm assuming due to all the short sales???

Posted by Michelle Gibson, REALTOR (Hansen Real Estate Group Inc. ) almost 8 years ago

Wow, 15,700 of under contract properties.  Please hold on to those Buyers with your teeth if you have to.  Our UC's are climbing steadily also, it's a little scary!

Posted by Kevin J. May, Serving the Treasure & Paradise Coasts of Florida (Florida Supreme Realty) almost 8 years ago


Have to like the sales numbers being up 864 units. April might continue the winning streak.

Posted by Esko Kiuru almost 8 years ago

Pippa:  You are always so kind to me and I appreciate that, thank you! 

Jim:  I range from 1-12 months and my husband made the excel chart for me to show trends.  I consider stable 5-7 months because it would be rare to hit exactly 6 months.  All of the classes I have taken have given me this formula (in my chart) for absorption so I call it 6 to make it simple :)

Leolinda:  Thank you dahling!

Scott: we are not out of the woods yet and just two years ago we were sitting on more than 12 months of inventory!  In some sectors like short sale and high rise we were looking at 7 years of inventory!  How sick is that?

Michelle:  You are correct that short sales are killing our closing ratios!

Kevin:  I agree with you.  Tax credit will expire and interest rates could rise and that could kill our buyer pool.

Esko:  I think we are going to be pretty brisk through June 30!  After that is a big "IDK" (i don't know)

Posted by Renée Donohue, Las Vegas Real Estate Broker - (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) almost 8 years ago

I am going to put my hands over my eyes and try to forget I saw a new chart up there ....for a little while, anyway.

Posted by Cheryl Ritchie, Southern Maryland 301-980-7566 (RE/MAX Leading Edge almost 8 years ago

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