Nevada Real Estate >> Las Vegas Real Estate Specialist

Coronado Ranch Las Vegas, NV May 2009 Real Estate Market Report

Sun, 05 Jul 2009 13:21:39 -0500

Coronado Ranch May 2009 Real Estate Resale Market Report:

Listings (6/15/2009): 44
Under Contract (6/15/2009): 51
Sold May 2009: 14
Month's Inventory: 3.1

This is the first Coronado Ranch Monthly Report so there is no past statistical data at this time!

If you are thinking about buying, renting or selling a Coronado Ranch Home Please Call: 702-966-2494:

Option 1 if you are a Buyer wanting to purchase Coronado Ranch Property. (Varieties range from bank owned to new construction!)
Option 2 if you are a Renter wanting to rent a Coronado Ranch Home
Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
Option 0 if you would like to sell or rent out (property management) your Coronado Ranch home.
Option 4: Para español presione el cuatro.

All statistical information I used to create this report was obtained from GLVAR MLS. Information Deemed Reliable but not Guaranteed.

Las Vegas, NV Area May 2009 High Rise Inventory Update

Thu, 02 Jul 2009 20:53:08 -0500

Rentals:

254 Listed 6/15/2009
19 Under Contract 6/15/2009
51 Leased May 2009
5.0 Months Inventory

Resales:

764 Listed 6/15/2009
89 Under Contract 6/15/2009
38 Closed May 2009
20.1 Months Inventory (=1.7 years) Still bad but significant improvement over last several months!

This Market is extremely volatile due to the boutique nature and lack of financing. Read last month's report here.

This report is compiled by using data from the GLVAR MLS. Data is gathered by the "VERTICAL" field and the "RESIDENTIAL" field using "CON" as subtype and "HIGHRIS,LOFTLIV,PENTHSE" equals any for building description. Information is deemed reliable but not guaranteed.

Read the most current market report for the Las Vegas High Rise Sector right here.

If you are thinking about buying or renting a high rise condominimum in the Las Vegas area, please call 702-966-2494. Press 1 if you are a buyer or press 2 if you are a renter. For financing options press option 3. For selling or leasing/property management press option 0. We will not list condos that have not yet closed with the builder or are not interested in contract reassignments. Para español presione el cuatro.

Rhodes Ranch Area Active Listings/Sold/Rental & Resale Real Estate May 2009 Market Report

Wed, 01 Jul 2009 19:21:32 -0500

This Rhodes Ranch Area resale market report:

Active Listings (6/15/2009): 217
Under Contract (6/15/2009): 341
Sold May 2009: 115
Months Inventory: 1.9

Rental Market Report:

Active Listings (6/15/2009): 120
Under Contract (6/15/2009): 19
Leased May 2009: 48
Months Inventory: 2.5

How to read my market reports (definitions and terms!)

Last Month's Market Report

Includes: Apache Hills, Apache Springs (The Falls), Astoria Homes at Rhodes Ranch
(Independence), Canyon Trail, Huntington, Liberty @ Warm Springs, Maplewood, Rhodes
Ranch, Richmond@ Rhodes Ranch, Sierra Madre, Venezia, Vistana.

For More information & most current market report on the Rhodes Ranch Area: http://www.livingatrhodesranch.com/

If you would like to buy, rent or sell a home in the Rhodes Ranch Area, please call 702-966-2494.

702-966-2494 menu:

Option 1: Buyers wanting to purchase a Rhodes Ranch Area Home
Option 2: Renters wanting to rent a Rhodes Ranch Area Home
Option 3: Financing Questions for Rhodes Ranch Area Buyers - Ask about 100% loans for first time buyers!
Option 0: Sellers wanting to sell their home in the Rhodes Ranch Area: We do have a short sale specialist (with a proven track record) and a full time licensed, permitted property manager if you need to rent out your Rhodes Ranch area home!
Option 4: Para español presione el cuatro.

Just What is a Seller's Market?

Tue, 30 Jun 2009 19:19:06 -0500

I had this question posed to me today on my blog by another agent:

'What is considered a sellers market? There may be a lot of houses selling, but if you price anything low enough, someone will buy it. That doesn't mean sellers are making a killing does it? Maybe I am looking at the wrong houses in Vegas, but the several hundred I looked at are priced lower now than they were five years ago. Is that really making sellers happy, the kind of market they want?'

A seller's market to me is an inventory, supply/demand sort of thingy. It doesn't mean homes are appreciating 10% a month (although the next several month appreciation reports may be exciting!)

So inventory wise this is why I post graphs! I call less than 4 month's inventory a seller's market, 4-7 month's inventory a stable market and 7-13 month's inventory a buyer's market and 13+ month's inventory a depressed market.

Here is a buyer's market (sorry I was a little graphically challenged back then):

Here is a buyer to stable-transitioning market:

Here is a seller's market:

My answer to the above question is that we could still be a market that has an abundance of inventory with no buyers! Also, list prices are not equivalent to sale prices these days. Sale prices are being pushed up.

Here's the beautiful thing for sellers (maybe not price) is that they can pick terms and they control what they accept. For example, if there are 20 offers on a property with the net overbid list price by 10% and there are all types of offers: they can cherry pick a cash offer that overbid list price by 8% over that FHA buyer that had the highest bid.

Why would they do that? Probably because cash closes quicker and with less drama and has less contingencies so the risk factor of waiting another 2 months for a close (yes, FHA is taking about 45-60 days to close,) wouldn't be worth another 2%

They also may not be paying closing costs and buyers are getting few concessions.

So low prices on saleable inventory + multiple offers = prices driven up (slowly this time thanks to HVCC!)

Cash is king and I started doing this report because (I am going out on a limb saying this and am 99% sure) we are going to watch the amount of cash closes rise in the next several months due to market conditions.

Financed buyers are going to have to tread water in sub-markets with more inventory if they want the no haggle price with some concessions. The odds of closing that short sale are currently about 20:1.

Prices are definitely NOT 'what you see is what you get' in this market currently. They are being driven up and in many cases financed buyers are left in the dust.

Patience and persistence is what we all need if we really want that house............ (and make sure you are getting a good CMA to make sure you aren't overpaying too much!)

Las Vegas NV Area Sold Terms & Trends for May 2009: Cash is King!

Tue, 30 Jun 2009 07:07:13 -0500

Cash is emerging as king in the Las Vegas Area Real Estate Market!!! It is important for every buyer in the Las Vegas Area Real Estate Market to understand who their buyer competition is in this currently competitive seller's market LV is enjoying! It is important to understand how a seller looks at each financing type:

Cash Offers: Generally have less contingencies and quicker close times. A cash offer may be accepted even if it is lower than a financed offer.

Conventional Financing: Less strict with lender required repairs but larger down payments and more strict credit guidelines.

FHA/VA Financing: Requires more scrutiny with lender required repairs via appraisal. In general these take longer to underwrite and close so a cash or conventional offer looks more enticing to the seller. Requires the deed to be seasoned for several months so some flips bought at trustee's sales are generally out as options when competing with multiple offers!

Other: Less common and creative financing types such as Lease Options, OWC (Owner Will Carry), etc.

Desert Shores May 2009 Resale Market Report

Mon, 29 Jun 2009 10:37:15 -0500

Desert Shores May 2009 Real Estate Resale Market Report:

Listings (6/15/2009): 79
Under Contract (6/15/2009): 77
Sold May 2009: 30
Month's Inventory: 2.6

Last Month's Report

Click here for Most Recent Desert Shores Market Report

Click here for More Information on Desert Shores Lake Living.

If you are thinking about buying, renting or selling a Mountain's Edge Home Please Call: 702-966-2494:

Option 1 if you are a Buyer wanting to purchase Mountain's Edge Property. (Varieties range from bank owned to new construction!)
Option 2 if you are a Renter wanting to rent a Mountain's Edge Home
Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
Option 0 if you would like to sell or rent out (property management) your Mountain's Edge home.
Option 4: Para español presione el cuatro.

The opinions expressed in this article are those of Renee Burrows and not necessarily those of NVRS.

All statistical information I used to create this report was obtained from GLVAR MLS. Information Deemed Reliable but not Guaranteed.

Green Valley Henderson Pool Home Open 6/27/2009 From 11AM-4PM

Sat, 27 Jun 2009 14:30:41 -0500

Links

More Info on This House

Description

For More Photos, Virtual Tour and Current Pricing Go To: www.ReneeBurrows.com/1855

Features

Bedrooms:	4
Bathrooms:	3
Year Built:	2000
Subdivision:	Green Valley Ranch
Lot Size:	6981
Garage Size:	3
School District:	CCSD
Square Footage:	3181
Agent Name:	Renee Burrows
Broker:	Nevada Realty Solutions
MLS #:	831258

Location

1855 Whispering Cir Henderson NV 89012

vFlyer Id: 1690576

Silverado Ranch May 2009 Resale Market Report

Sat, 27 Jun 2009 11:20:25 -0500

Silverado Ranch May 2009 Real Estate Resale Market Report:

Listings (6/15/2009): 225
Under Contract (6/15/2009): 219
Sold May 2009: 59
Month's Inventory: 3.8

Since last month: Listings are DOWN -54, Pendings are UP +21, Sales are UP +26

Read Last Month's Report Here

If you are thinking about buying, renting or selling a Silverado Ranch Home Please Call: 702-966-2494:

Option 1 if you are a Buyer wanting to purchase Mountain's Edge Property. (Varieties range from bank owned to new construction!)
Option 2 if you are a Renter wanting to rent a Mountain's Edge Home
Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
Option 0 if you would like to sell or rent out (property management) your Mountain's Edge home.
Option 4: Para español presione el cuatro.

The opinions expressed in this article are those of Renee Burrows and not necessarily those of NVRS.

All statistical information I used to create this report was obtained from GLVAR MLS. Information Deemed Reliable but not Guaranteed.

DR Wise is Holding Patient Appreciation Day July 2!

Fri, 26 Jun 2009 11:02:06 -0500

These are incredible prices for a first visit and adjustment! I started seeing Dr Wise in January or February for my Carpal Tunnel CTS or tendonitis which was severe. He taught me techniques to work on the scar tissue at home.

I highly recommend that anyone who has pain in their arms due to CTS or Tendonitis (back and neck pain too!) to at least visit Dr Wise for a consultation and chiropractic adjustment. Circulation in my hands has improved and the pain is now non-existant. The improvements are life changing as I have been avoiding surgery and treatment for around a decade! I am thinking about throwing away my splints and wrist bands :)

Please let Dr Wise know you found him through my blog :) He is located conveniently off of the southern 215 Beltway and Rainbow

10,000 Sounds Like a Big Number of Units To Dump on the Las Vegas Market but it is NOT!

Thu, 25 Jun 2009 20:43:38 -0500

So buyers, are you sitting on the fence waiting for that 5 figure number of moratorium listings to be dumped on the Las Vegas Area market? It's already started with Freddie and Fannie and thus far, we have absorbed it because buyer interest is so high!

The media keeps scaring people with big numbers: boo! Ten Thousand (10,000) is NOTHING and will be absorbed quickly (interest rates, economic and lending conditions willing!) 10,000 won't even bring our market out of a seller's market!

Today Hubble Smith reported in the LVRJ that there is between 20,000-30,000 homes that are rarin to go into foreclosure. I say BRING IT ON so we can get some of these buyers into contract. If we have 20,000 units dumped on our market overnight we can finally have a STABLE market.

This will not happen however: Fannie and Freddie are doing rentbacks and selling in bulk to REITs. If we are lucky, we could get another 10-15K units and it would still still remain a seller's market.

Our market is in dire need of sellable inventory. We currently have less than 12700 units on the market, over half are unsellable because they are overpriced or short sales. We are hovering at 13000 pending and contingent properties. Right now we are looking at over 4000 closes for the month of June so if we had 22000-24000 units (after 9000-13000 units are thrown out there) on the market it would still be a seller's market. Pendings are still rising at a phenomenal clip EVEN with all the closes and we didn't experience the traditional leveling in May.

REPEAT: In a nutshell, our market can afford (currently) to have 9000-13000 units dumped on it overnight and it would still remain a seller's market. Buyer interest is so high I know we could absorb it easily!

Buyers: don't be a bench warmer! Start practicing your swing and get in the game. You never know when you will hit your homerun!

Call us today at 702-966-2494. We will help direct you to some great pre-qualification sources and give you a buyer's consultation so you will be ready to submit your winning bid on the home of your dreams!

Las Vegas NV Area May 2009 Rental Home Report

Thu, 25 Jun 2009 20:12:20 -0500

The rental sector has surprisingly remained stable throughout all this market turmoil!

Renters are becoming buyers finally as resale purchase prices drop and economic conditions in the valley are preventing high numbers of new incoming residents to move here.

Units Leased:

May 2009: 1760
April 2009: 1677
March 2009: 1825
February 2009: 1702
January 2009: 1651
December 2008: 1390
November 2008: 1405
October 2008: 1707
September 2008: 1531
August 2008: 1719
July 2008: 1697
June 2008 1564

Average Monthly Rental Rates:

May 2009: $1348
April 2009: $1348
March 2009: $1365
February 2009: $1419
January 2009: $2083
December 2008: $1594
November 2008: $1506
October 2008: $1393
September 2008: $1610
August 2008: $1464
July 2008: $1510
June 2008: $1503

Median Monthly Rental Rates:

May 2009: $1200
April 2009: $1200
March 2009: $1200
February 2009: $1200
January 2009: $1200
December 2008: No Data
November 2008: $1250
October 2008: $1245
September 2008: $1250
August 2008: $1250
July 2008: $1250
June 2008: $1275

Absorption Rate is stable from last month and remains a Landlord's Market at 2.7 months of inventory in the Rental Sector for the Las Vegas Valley.

How to check to see if the home you are renting is in default

Last Month's Report

If you would like to rent a home in the Las Vegas Area please call 702-966-2494 and press option 2 to speak with a rental specialist.

If you own a home that needs to be rented out and would like to have a full time, licensed and permitted property manager contact you please fill out this form or call 702-966-2494 and press option 0

Attention Real Estate Investment Trusts (REITs:) Las Vegas is a Seller's Market and Needs Sellable Inventory!

Wed, 24 Jun 2009 10:03:21 -0500

If you are a manager or decision maker in a Real Estate Investment Trust (REIT) and own some Las Vegas Area (Las Vegas, Henderson, North Las Vegas) Residential Real Estate ~ THIS POST IS FOR YOU! If you have inventory that is not returning the ROI the trust projected or if vacancy rates are unusually high, you may want to consider listing the property soon!

Las Vegas Area Sellers are currently enjoying a seller's market with multiple offers and prices being driven up! You may want to consider getting a comprehensive resale market report INCLUDING absorption reports for the property subdivision from Maria Jose Escudero and Renee Burrows of Burrows Group @ Nevada Realty Solutions! It may just make sense if the property was purchased recently at a discount in bulk!

Here are some absorption numbers and charts:

Short Sales have a very low probability of closing and they make up a majority of the inventory. REO is not getting on the market due to: bulk sales, rentbacks and moratoriums. Here is your opportunity to see if the numbers make sense! Buyer interest is at an all time high with interest rates so low and tax incentives so high for first time buyers!

Mountain's Edge May 2009 Resale Market Report

Fri, 19 Jun 2009 11:15:20 -0500

Mountain's Edge May 2009 Real Estate Resale Market Report:

Listings (6/15/2009): 214
Under Contract (6/15/2009): 287
Sold May 2009: 75
Month's Inventory: 2.9

Last Month's Mountain's Edge Real Estate Market Report

Mountain's Edge is a newer community so many of the listings are short sales or bank owned.

If you are thinking about buying, renting or selling a Mountain's Edge Home Please Call: 702-966-2494:

Option 1 if you are a Buyer wanting to purchase Mountain's Edge Property. (Varieties range from bank owned to new construction!)
Option 2 if you are a Renter wanting to rent a Mountain's Edge Home
Option 3 if you are interested in Financing your Mountain's Edge Property (including down payment assistance for first time buyers)
Option 0 if you would like to sell or rent out (property management) your Mountain's Edge home.
Option 4: Para español presione el cuatro.

The opinions expressed in this article are those of Renee Burrows and not necessarily those of NVRS.

All statistical information I used to create this report was obtained from GLVAR MLS. Information Deemed Reliable but not Guaranteed.

Go For a Hot Drive Down the 95 and Take a Dive

Fri, 19 Jun 2009 11:08:41 -0500

What a unique Las Vegas experience - a DIVE IN THE DESERT at Lake Mead!!

Beat the summer heat, explore the fish and ruins in Lake Mead and DO SOMETHING DIFFERENT! While you are there, visit Hoover Dam (if you haven't already) and then stick around for a dinner cruise on a different charter!

Another unique vacation idea would also involve renting a houseboat - I wonder if Captain Tim would be available to cruise you around one one of those?!?!?

Make a day of it and don't forget your sunscreen and water!

Diving is something I never even dreamed of exploring but Captain Tim (and his Lovely Wife Laura) are trying to push me into the deep end!

Remember to always support local small businesses wherever you may be vacationing this summer! They are the lifeblood of every community!

Summerlin Las Vegas, NV May 2009 Real Estate Market Report

Thu, 18 Jun 2009 11:03:22 -0500

Summerlin May 2009 Real Estate Resale Market Report:

Listings (6/15/2009): 755
Under Contract (6/15/2009): 523
Sold May 2009: 149
Month's Inventory: 5.6

Absorption is slightly higher than Las Vegas Valley.

Since Last Month's Report:

Listings DOWN -74
Pendings UP +38
Sold Units UP +1

Last Month's Summerlin Report

Most Current Summerlin Market Report

If you are thinking about buying, renting or selling a Summerlin Home Please Call: 702-966-2494:

Option 1 if you are a Buyer wanting to purchase Summerlin Property. (Varieties range from bank owned to new construction!)
Option 2 if you are a Renter wanting to rent a Summerlin Home
Option 3 if you are interested in Financing your Summerlin Property (including down payment assistance for first time buyers)
Option 0 if you would like to sell or rent out (property management) your Summerlin home.
Option 4: Para español presione el cuatro.

The opinions expressed in this article are those of Renee Burrows and not necessarily those of NVRS.

All statistical information I used to create this report was obtained from GLVAR MLS. Information Deemed Reliable but not Guaranteed.

Terms and Definitions for my Market Reports

Las Vegas NV Area May 2009 REO Inventory Update: Not Much Out There (less than one month inventory!)

Wed, 17 Jun 2009 08:12:46 -0500

Inventory has fallen dramatically since last report (-815 units), Pendings have dropped -412 units Closing data is up at +33 units. Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.

REO sales accounted for 80% of all Las Vegas Area Valley resale closings in May 2009. REO listings account for only 22.7% 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 (6/15/2009): 2946
Under Contract (6/15/2009): 6118
Sold May 2009: 3147
Absorption Rate: 0.9 Months (THATS LESS THAN ONE MONTH = VERY LITTLE INVENTORY)

View Last Month's Report Here

To find the most recent report, click here

If you are thinking about buying an REO (Foreclosure or Bank Owned) property in the Las Vegas Area Please Call: 702-966-2494:

Option 1 if you are a Buyer wanting to purchase REO Property.
Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
Option 4: Para español presione el cuatro.

All statistical information I used to create this report was obtained from GLVAR MLS. Information Deemed Reliable but not Guaranteed

Las Vegas, NV Area Short Sale May 2009 Inventory Update

Wed, 17 Jun 2009 08:01:06 -0500

The absorption rate for Las Vegas Valley Area Short Sales went down for May 2009. Absorption still remains high BUT is under the 2 year mark. Solds have FINALLY gone from hovering the 200 unit mark and went over the 300 mark. I see improvement in this sector! Inventory has decreased (-639 units). Pending units have increased by +1142 units. Solds have decreased by -16 units. Absorption down by 10.6 months

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

Short Sale Synopsis:

Listings 6/15/2009: 5517
Pending 6/15/2009: 5478
Closed May 2009: 301
Month's Inventory: 18.3 (=1.5 Years Inventory.)

Short Sales Currently Account for:

42.5% of All Las Vegas Valley Listings
7.6% of All Las Vegas Valley Sales

One thing you really need to consider when buying or selling short is to make sure the list agent is EXPERIENCED in this niche. These deals are hard to pull whether it is or is not an experienced agent.

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 via a short sale by a proven short sale expert, you can either fill out the form on this page or you can call 702-966-2494 and press option 0. If you would like to buy a short sale property you can call 702-966-2494 and press option 1 for a Realtor or option 3 for Financing Questions. Be sure to ask about down payment assistance (zero down/100% loans) for first time buyers through grants and bonds! Para español presione el cuatro

Las Vegas, NV Area May 2009 Pendings Report: STILL VERY LITTLE INVENTORY!

Tue, 16 Jun 2009 07:47:55 -0500

The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year! Absorption for May 2009 is a seller's market @ 3.3 months of inventory (compare it to 22.5 months inventory in Nov/Dec 2007!) 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!

Here is a snapshot of valley listings:

(April/May 2008) All SFR, Townhome, Condo Listings:

Listings (5/13/2008): 21236
Under Contract (5/13/2008): 6283
Sold April 2008: 2063
Month's Inventory: 10.3

(May/June 2008) All SFR, Townhome, Condo Listings:

Listings (6/12/2008): 20674
Under Contract (6/12/2008): 6847
Sold May 2008: 2418
Month's Inventory: 8.6

(June/July 2008) All SFR, Townhome, Condo Listings:

Listings (7/15/2008): 20744
Under Contract (7/15/2008): 7092
Sold June 2008: 2588
Month's Inventory: 8.0

(July/Aug 2008) All SFR, Townhome, Condo Listings:

Listings (8/16/2008): 20559
Under Contract (8/16/2008): 7070
Sold July 2008: 3034
Month's Inventory: 6.8

(August/Sept 2008) All SFR, Townhome, Condo Listings:

Listings (10/5/2008): 20795
Under Contract (10/5/2008): 6793
Sold August 2008: 2893
Month's Inventory: 7.2

(Sept/Oct 2008) All SFR, Townhome, Condo Listings:

Listings (11/14/2008): 21540
Under Contract (11/14/2008): 6414
Sold September 2008: 3115
Month's Inventory: 6.9

(Oct/Nov 2008) All SFR, Townhome, Condo Listings:

Listings (11/14/2008): 21540
Under Contract (11/14/2008): 6414
Sold October 2008: 3084
Month's Inventory: 7.0

(Nov/Dec 2008) All SFR, Townhome, Condo Listings:

Listings (12/11/2008): 21715
Under Contract (12/11/2008): 6320
Sold November 2008: 2539
Month's Inventory: 8.3

(Dec2008/Jan 2009) All SFR, Townhome, Condo Listings:

Listings (1/12/2009): 21034
Under Contract (1/12/2009): 6099
Sold December 2008: 2900
Month's Inventory: 7.0

(Jan/Feb 2009) All SFR, Townhome, Condo Listings:

Listings (2/15/2009): 20201
Under Contract (2/15/2009): 7291
Sold January 2008: 2620
Month's Inventory: 7.7

(Feb/Mar 2009) All SFR, Townhome, Condo Listings:

Listings (3/25/2009): 19377
Under Contract (3/25/2009): 8923
Sold February 2009: 2678
Month's Inventory: 7.2

(Mar/Apr 2009) All SFR, Townhome, Condo Listings:

Listings (4/14/2009): 17846
Under Contract (4/14/2009): 10068
Sold March 2009: 3525
Month's Inventory: 5.1

(Apr/May 2009) All SFR, Townhome, Condo Listings:

Listings (5/15/2009): 14938
Under Contract (5/15/2009): 11969
Sold April 2009: 3871
Month's Inventory: 3.9

(May/June 2009) All SFR, Townhome, Condo Listings:

Listings (6/15/2009): 12986
Under Contract (6/15/2009): 12849
Sold May 2009: 3937
Month's Inventory: 3.3

Short Sales:

42.5% of Listings
7.6% of Sales

REO (Foreclosures, Bank Owned:)

22.7% of Listings
80% of Sales

The above breakdown shows how very few short sales are being closed and how little inventory is in the REO market currently. We are hoping to have some more come online with the moratoriums ending March 31 but we still have to see that happen. Maybe it will, maybe it won't. It could be an avalanche of inventory or it may be a dud. I will keep you informed all month long if I start seeing a rise in inventory!

In a Little Under One Month: Listings are down -1942 units, pendings are up +880 units, closings are Up +66 units and absorption down down down. Pending inventory is rising at a phenomenal pace. Compare this to last year's pendings!!

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

If you are thinking about buying a home in the Las Vegas Area Please Call: 702-966-2494:

Option 1 if you are a Buyer wanting to purchase a home.
Option 3 if you are interested in Financing your home - (including down payment assistance for first time buyers)
Option 0 if you are interested in selling your Las Vegas Area home.
Option 4: Para español presione el cuatro.

Rhodes Ranch Area Active Listings/Sold/Rental & Resale Real Estate April 2009 Market Report

Tue, 16 Jun 2009 06:45:56 -0500

This Rhodes Ranch Area resale market report:

Active Listings (5/15/2009): 258
Under Contract (5/15/2009): 325
Sold April 2009: 94
Months Inventory: 2.7

Rental Market Report:

Active Listings (5/15/2009): 119
Under Contract (5/15/2009): 20
Leased April 2009: 65
Months Inventory: 1.8

How to read my market reports (definitions and terms!)

Last Month's Market Report

For More information & most current market report on the Rhodes Ranch Area: http://www.livingatrhodesranch.com/

If you would like to buy, rent or sell a home in the Rhodes Ranch Area, please call 702-966-2494.

702-966-2494 menu:

Option 1: Buyers wanting to purchase a Rhodes Ranch Area Home
Option 2: Renters wanting to rent a Rhodes Ranch Area Home
Option 3: Financing Questions for Rhodes Ranch Area Buyers - Ask about 100% loans for first time buyers!
Option 0: Sellers wanting to sell their home in the Rhodes Ranch Area: We do have a short sale specialist (with a proven track record) and a full time licensed, permitted property manager if you need to rent out your Rhodes Ranch area home!
Option 4: Para español presione el cuatro.

Wordless Wednesday ~ TOOTSIES!

Wed, 10 Jun 2009 08:07:08 -0500

Las Vegas, NV Area April 2009 High Rise Inventory Update

Tue, 09 Jun 2009 20:17:16 -0500

Rentals:

306 Listed 5/15/2009
16 Under Contract 5/15/2009
63 Leased April 2009
4.9 Months Inventory

Resales:

833 Listed 5/15/2009
84 Under Contract 5/15/2009
24 Closed April 2009
34.7 Months Inventory (=2.9 years)

This Market is extremely volatile due to the boutique nature and lack of financing. Read last month's report here.

Read the most current market report for the Las Vegas High Rise Sector right here.

Economic Conditions for the Las Vegas Valley June 2009

Mon, 08 Jun 2009 20:22:43 -0500

Economic Conditions for the Las Vegas Valley May 2008

Housing Conditions:

Foreclosure/Short Sale Listings (5/15/2009): Total Listings 14938; Short Sales: 6156, 41.2% of all listings; Bank Owned Listings: 3761, 25.2% of all listings. Short sale and REO listings consume 66% of total listings
New Home Sales (April 2009, units sold): 325 Year Change -56.6% (excl condo conversions, highrises)
New Home Sales (April 2009, median price): $215,650 Year Change -15.6% (excl condo conversions, highrises)
Existing Home Sales (April 2009, units sold): 3652 Year Change +62.5%
Existing Home Sales (April 2009, median price): $130,000 Year Change: -43.5%
New Home Permits (April 2009): 346 Year Change -51.3%
Rental Rate (MLS Monthly Average April 2009): $1348/month

My analysis: Distressed listings (foreclosures and short sales) are 66% of total listings. THIS IS DOWN FOR THE FIRST TIME THAT I HAVE BEEN KEEPING TRACK OF THESE STATS - SEVERAL YEARS! Credit markets must be watched, interest rates are rising quickly too. Resale sold units and pendings remain impressive. Builders cannot compete with bank owned listing prices, thus sales remain lackluster.

New Residents/Employment Conditions:

New Residents (April 2009): 4770, Year Change -23.9%
Total Employment (April 2009): 871,400 Year Change -5.9%
Unemployment Rate (April 2009) 10.4%, Year Change +108%

My analysis: The tourism, gaming and convention numbers need to improve before these numbers improve. New Resident Count will go down if no new jobs are created. Unemployment rate is painful.

Tourism/Gaming Conditions:

McCarran Airport Total Passengers (April 2009): 3,565,334 Year Change -5.9%
Gaming Revenue (April 2009): $734,711,904, Year Change -13.6%
Visitor Volume (April 2009): 3,497,132, Year Change -4.7%
Convention Attendance (April 2009): 414,764, Year Change -23%
Hotel/Motel Occupancy (April 2009): 88% Year Change -2.2%

My analysis: This sector (tourism) needs to see some serious price corrections before we see a comeback. Corporate credit is not coming back any time soon. It will be hard to get convention attendance back up without corporate credit. Glad to see regular tourists are making their way here with the imbalance of the other numbers to replace the convention attendee numbers. Gaming and convention business is big business and those numbers MUST increase.

Sources: Salestraq, Home Builder's Research, Greater Las Vegas Association of Realtors, Nevada State Gaming Control Board, Nevada Department of Motor Vehicles, McCarran International Airport, Las Vegas Convention & Visitor's Authority, Nevada Department of Employment, Training and Rehabilitation. Information deemed reliable but not guaranteed. My analysis is my humble opinion.

Las Vegas NV Area April 2009 Rental Home Report

Mon, 08 Jun 2009 10:40:52 -0500

The rental sector has surprisingly remained stable throughout all this market turmoil!

Renters are becoming buyers finally as resale purchase prices drop and economic conditions in the valley are preventing high numbers of new incoming residents to move here.

Units Leased:

April 2009: 1677
March 2009: 1825
February 2009: 1702
January 2009: 1651
December 2008: 1390
November 2008: 1405
October 2008: 1707
September 2008: 1531
August 2008: 1719
July 2008: 1697
June 2008 1564
May 2008: 1554
April 2008: 1536
March 2008: 1531
February 2008: 1632
January 2008: 1500

Average Monthly Rental Rates:

April 2009: $1348
March 2009: $1365
February 2009: $1419
January 2009: $2083
December 2008: $1594
November 2008: $1506
October 2008: $1393
September 2008: $1610
August 2008: $1464
July 2008: $1510
June 2008: $1503
May 2008: $1483
April 2008: $1467

Median Monthly Rental Rates:

April 2009: $1200
March 2009: $1200
February 2009: $1200
January 2009: $1200
December 2008: No Data
November 2008: $1250
October 2008: $1245
September 2008: $1250
August 2008: $1250
July 2008: $1250
June 2008: $1275
May 2008: $1250
April 2008: $1250

Absorption Rate is stable from last month and remains a Landlord's Market at 2.8 months of inventory in the Rental Sector for the Las Vegas Valley.

How to check to see if the home you are renting is in default

Last Month's Report

If you would like to rent a home in the Las Vegas Area please call 702-966-2494 and press option 2 to speak with a rental specialist.

If you own a home that needs to be rented out and would like to have a full time, licensed and permitted property manager contact you please fill out this form or call 702-966-2494 and press option 0

Request for Careful Consideration for HVCC (NEW APPRAISAL CODE)

Mon, 01 Jun 2009 23:30:15 -0500

I found this petition on another blog. Please read and sign ESPECIALLY if you have been effected by:

low appraisals
inaccurate information (such as utilities off when they are on)
crazy repairs (outside of the norm)
timeframes for returning reports are inadequate
deadlines for reports are being missed (by a long shot!)

Some of the above bullet points are KILLING deals and buyers are being charged per diem just to wait on appraisals and re-inspections. Sellers are losing money from longer closes because of holding costs.

MAKE SURE YOU LEAVE SPECIFIC COMMENTS! There is a place that you can tell your story! Let's DO IT!

Oh Where Oh Where Can Our Inventory Be?

Mon, 01 Jun 2009 22:46:38 -0500

Here's a Mini In Between Market Report For You! I usually pull numbers mid month so for those that are curious here we go:

Las Vegas Is Currently Enjoying a Seller's Market!

•· Very Little Inventory
•· Multiple Agents w/ Buyers at a Single 15 Min Showing
•· Multiple Contracts Are Being Received on Each Property

Where is the Inventory?

Moratoriums Ending 3/31/2009
Potential REO Being Purchased as Cash Only Transactions at Trustee Sales
Fannie/Freddie Renting Back To Tenants Foreclosed on
Short Sales Being Approved (looking for stagnant closed numbers to double or triple in June/July)
Loan Mods Reportedly Happening
Seeing a Slight Trickle of Fannie Inventory Hitting the Market, Nothing too Promising!

Comparison Since Jan/Feb 2009. Listing & Pending departures from 2/15/2009 and 6/1/2009. Sales Departures from Jan 2009 and May 2009. MAY NUMBERS ARE NOT FINALIZED!

Entire Las Vegas Valley:

•· Listings DOWN -6374
•· Pendings UP +5017
•· Sales UP +1139

Short Sales:

•· Listings DOWN -924
•· Pendings UP +2580
•· Sales UP +70

REO:

•· Listings DOWN -4244
•· Pendings UP +1931
•· Sales UP +823

Will we see inventory hit the market?

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