BluefoxToday blog : Las Vegas, NV Area May 2010 Pendings Report: Can We Emerge from the Extreme Seller's Market to a Stable Market in 8 Months?

Las Vegas, NV Area May 2010 Pendings Report: Can We Emerge from the Extreme Seller's Market to a Stable Market in 8 Months?

Las Vegas Homes for Sale

Las Vegas Area Homes for Sale

Las Vegas Area Real Estate Market Report

Inventory is increasing RAPIDLY.  This may be due to the first time buyer's tax credit expiring.  This is also good news as we could emerge from the extreme seller's market that we have been in for over a year to a stable market in about 8 months (with a consistent increases like the ones we have seen this month.)

Las Vegas Area Market Activity (Includes North Las Vegas, Henderson and Las Vegas)

  • Listings (6/15/2010):  10548
  • Under Contract (6/15/2010):  15748
  • Sold May 2010:  3513

Short Sales:

  • 43% of Listings
  • 29% of Sales

REO (Foreclosures, Bank Owned:)

  • 20% of Listings
  • 42% of Sales

In One Month:  Listings are UP +994 units, Contracted ListingsDOWN -553, Sales are DOWN -85 units.  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!!

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®
 

 

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Comment balloon 6 commentsRenée Donohue~Home Photography • June 18 2010 01:20PM

Comments

Great Blog Renee.  Wouldn't it be lovely to be able to get our cleints properties without having to write 10 offers!!!! 

Posted by June Stark, Las Vegas Condos & Luxury Homes Expert (Elite Realty-Luxury Homes & Condos On & Off the Strip) over 8 years ago

Renee....

Wow,  interesting statistics.  Wouldn't it be great if we had a crystal ball and could predict the future?

Have another great day

Leander

ps....thanks for the re-blog

Posted by Leander McClain, Cecil & Harford County Realtor over 8 years ago

Renee, I think when the listing count goes down and the pending goes up, as it is, it shows that a big price correction happened and maybe people paniced. We may have to meet up by the way when me and my family come down in a few months to Vegas..

Posted by Ross Quintana, Real E Smarter Real Estate Coach - 509-362-1966 (Real E Smarter) over 8 years ago

Renee - Another excellent market report for Las Vegas NV resale real estate. 

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

Renee

I am always amazed at your blog posts; you are like a walking encyclopedia of info

Posted by Tom Braatz Waukesha County Real Estate 262-377-1459, Waukesha County Realtor Real Estate agent. SOLD! (Coldwell Banker) over 8 years ago

Renee,

Stable market would be music to many ears in the Vegas valley. Hopefully the rising inventory won't affect prices too much.

Posted by Esko Kiuru over 8 years ago

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