Summerlin October 2009 Real Estate Resale Market Report:

• Listings (11/15/2009):  694
• Under Contract (11/15/2009):  595
• Sold October 2009:  170
• Month's Inventory:  4.1

Absorption is slightly higher than Las Vegas Valley.

Since Last Month's Report:

• Listings DOWN -2
• Pendings DOWN -18 
• Sold Units UNCHANGED

Last Month's Summerlin Report

Most Current Summerlin Market Report

Welcome Home to GATED N Las Vegas Communities:  Palmilla Townhomes

• Gated Community
• 301 Three Story Townhomes with Attached Garages & Balconies
• Ranging from 1084-1672 Square Feet
• Built From 2005-2007 by American Premiere 
• Located Near the Cross Streets of Tropical & Centennial
• Community Amenities Include:  Playground, Pool & Spa 

Palmilla Townhomes are located near shopping.  Good proximity to the Northern 215 Beltway/Decatur which can get you to the New Aliante Station Casino quickly!

View Larger Map

Age Restricted (55+) Communities are scattered throughout the valley.  Many offer a variety community amenities for Seniors who enjoy active lifestyles.

Sun City Aliante is located in the Aliante Area of North Las Vegas, NV (zip 89084).  There are 1829 homes in Sun City Aliante ranging from 1157-2104 Square Feet.  Community Amenities Include:  Community Golf, Clubhouse, Gym, Pool, Spa, Tennis, Recroom.

Sun City Aliante Market Report:

• Listings (11/15/2009):  47
• Under Contract (11/15/2009):  22
• Sold October 2009:  9
• Absorption Rate: 5.2 Months of Inventory

Sun City Aliante is currently enjoying a seller's market.

Since Last Month's Report:  Aliante Sun City, North Las Vegas Listings are UP +12, Contracted Homes DOWN -10, Sales UP +1

Renee Burrows carries the SRES (Senior Real Estate Specialist) Designation and has Probate and Estate experience.  If you need a referral to a Probate or Estate lawyer, please contact me!

Seniors Real Estate Specialists® are REALTORS® qualified to address the needs of home buyers and sellers age 50+. The SRES® Council awards the SRES® Designation to those members who have successfully completed its education program.

By earning the SRES® designation, your REALTOR® has demonstrated necessary knowledge and expertise to counsel clients age 50-plus through major financial and lifestyle transitions involved in relocating, refinancing, or selling the family home. Your REALTOR® has received special training, gets regular updates, and is prepared to offer the options and information needed in making life changing decisions.

For Last Month's North Las Vegas Sun City Aliante Report

For Most Current Sun Cities Market Report Click Here

Welcome Home to SW GATED Las Vegas Communities:  Spanish Palms (Recorded as Johnas Est)

• Gated Community
• 30 Single Family Large, Executive Style, Detached Homes
• Ranging from 2348-4024 Square Feet
• Built From 1995-1997 by MBT Investments Builder 
• Located Near the Cross Streets of W Russell & El Camino

Spanish Palms is close to many amenities - Spring Valley Hospital, Shopping (Arroyo Crossing is the largest), Restaurants and Professional Offices.  The 215 freeway is nearby and accessible from either Jones or Rainbow, which provides excellent proximity to UNLV, McCarran Airport, South Strip Employment & Entertainment centers.

Las Vegas Area REO Inventory has risen since last report (+99 units), Under Contracts have fallen (-589) units  Closing data is UNCHANGED.  Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.  

REO sales accounted for 66% of all Las Vegas Area Valley resale closings in October 2009.  REO listings account for only 22% of total resale listings.

Multiple offers are streaming in as banks continue to lower to fire and auction sale prices.

Current Listed Bank Owned Statistics:

• Listings (11/15/2009): 2243
• Under Contract (11/15/2009): 4454
• Sold October 2009:  2869
• Absorption Rate:  0.8 Months (THATS LESS THAN ONE MONTH = VERY LITTLE INVENTORY)

View Last Month's Report Here  

To find the most recent report, click here

I made over 200 comments on blog posts this past weekend and there sure are a lot of these posts out here!  I am shouting it from the rooftops - NOT TO WAIT THIS TIME.  With the expiration of the last one looming to be in contract on Nov 1 and closed by Nov 30, 2009.............there was a LOT OF LAST MINUTE buying fury and anxiety.

Here's the good news:  Listings have gone up around 200 units.

Here's the bad news:  We still only have 2.4 months of inventory = Seller's market = inventory is super slim pickins.  6 months is a stable market.  We are on track for 3500-4000 units closing this month (phenomenal for November) so with that pace of closes, we still need 10000-15000 new active units put on the market to make this swing from a Seller to a Stable Market.

SO here's some sage advice if you are one of the lucky ones that qualify under the new tax credit's extended and expanded guidelines:

Save yourself some anxiety, DON'T WAIT UNTIL THE LAST MINUTE TO GO SHOPPING!!!!!!!!!!

You must be in a binding purchase contract by May 1, 2010 and you must close your purchase by July 1, 2010.

The REO (foreclosure) market is VERY low on inventory, it's tapped dry.  Yes, inventory is coming on the shelves quickly but it is leaving in a fury of multiple bidding wars and going to the almighty cash buyer who can close quickly with less contingencies than a financed purchaser.

If you are financed you should consider your alternatives that have more inventory than REO (which may require a little more patience than bidding on 20+ homes!)

These alternatives are short sales and new construction.  Contact me today and we can get you set up on several home searches in the resale market and I also have a tool that will deliver new home floorplans right to your email.

Short Sales and New Construction can take on average of 4-6 months to close

Financing the property after you are in a ratified contract can take 45-60 days!)

What are you waiting for?  (If you are a first time buyer, you may also qualify for down payment assistance.)

Now there are absolutely no excuses for you to miss the deadlines!

Southern Highlands October 2009 Real Estate Resale Market Report (Homes For Sale/Pending/Sold):

• Listings (11/15/2009):  177
• Under Contract (11/15/2009):  238
• Sold October 2009:  57
• Month's Inventory:  3.1

Since Last Month:  Listings are UP +4, Pendings are DOWN -2, Sold Units DOWN -2

Last Month's Report

For More Las Vegas Communities and Reports Click Here

The absorption rate for Las Vegas Valley Area Short Sales is finally seeing movement.  Absorption is moving to the stable market territory at only 6.5 months of inventory.  Solds have FINALLY gone from hovering the 200 unit mark and went over the 500 mark.  I see improvement in this sector! Inventory has decreased  (-116 units).  Pending units have increased by +179 units.    Solds have increased by +96 units. 

There are many reasons for the lack of closings in this market and it is outlined in this post. 

Short Sale Synopsis:

• Listings 11/15/2009: 4475
• Pending 11/15/2009: 8738
• Closed October 2009: 688
• Month's Inventory: 6.5

Short Sales Currently Account for:

• 43% of All Las Vegas Valley Listings
• 16% of All Las Vegas Valley Sales
   

Read here for the most current Las Vegas Area Short Sale Report.

Read here for last month's report on Las Vegas Area Short Sales.

If you need to sell your home through the short sale process, you can either fill out the form on this page or you can call 702-966-2494 and press option 0. 

Silverado Ranch October 2009 Real Estate Resale Market Report (Homes For Sale, Pending, Sold):

• Listings (11/15/2009):  138
• Under Contract (11/15/2009):  273
• Sold October 2009:  84
• Month's Inventory:  1.6

Since last month:  Listings are UP +2, Under Contract DOWN -9, Sales are UP +15

Read Last Month's Report Here