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

The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year!  Absorption for June 2009 is a seller's market @ 2.6 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:

(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

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

• Listings (7/16/2009):  12014
• Under Contract (7/16/2009):  13112
• Sold June 2009:  4619
• Month's Inventory:  2.6

Short Sales:

• 42% of Listings
• 9% of Sales

REO (Foreclosures, Bank Owned:)

• 23% of Listings
• 76% 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 -972 units, pendings are up +263 units, closings are Up +682 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.

DISCLAIMER:  The information, photographs & content  contained within Renee Burrows' blog is the property of Renee Burrows.  You must obtain written permission from Renee Burrows or use the Active Rain "reblog" function and reblog the post in  its entirety without revision if you would like to use any of this content.  Opinions expressed are those of Renee Burrows may not necessarily be opinions of past and present brokers.  Many articles may be time and date sensitive so please always look at the date posted.  For most current brokerage and contact information, refer to my Active Rain profile.