Yep, it's going crazy out there!

My first peek at the week -WOW!

Monday Market Snapshot 2009/06/08

The first statistic I pulled today was pending in my market area and WOW! 850 pending sales. Wow! That's 1050 for all of Clark County. The active available listings for my market area is 2933 and for the county 3908. The homes that actually sold was 61 for my area and 82 in the county.

Ratios of active-to-pending continue to narrow. I'm curious about all those pendings and thought we should be seeing more actual sales. Just a little comparison of ratios and I see that the numbers of homes sold are too bad. I did notice the number of homes in 'pending' status that are 3rd party agreement numbered 200 and that the number of homes with a final sale with 3rd party to the transaction was 9. Nine. Compare that to the bank owned pending of 162 and 13 sold. See the difference in ratios? I think we're seeing that more bank owned are completing much more often than the 3rd party transactions. I've noticed some buyers are beginning to actively avoid short-sales after having been involved in a couple of failed-transactions.

As far as it goes, it looks like the market has heated up considerably. I think average prices are changing too. We still have over half the market activity under $250,000, but not as much as previous months.

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