Special offer
Home > Blogs > Renée Donohue~Home Photography > Las Vegas & Henderson, NV Real Estate Agent Musings
bookmark_border

OK KIDS! Let's Play Hide and Go Seek: Where is all that Las Vegas Real Estate Inventory?

By
Services for Real Estate Pros with Savvy Home Pix B.1000860.LLC

Las Vegas Area Resale Market Activity (homes for sale, pending and sold 2009)

I am tired of objections.  This chart should be like a 2 year old playing hide and go seek and hiding OBVIOUSLY OUT IN THE OPEN!

There are too many fallacies out on the blogosphere.  Lots of amateurs who think they know what is going on here.  Can you see it in the chart? 

  • Where is the inventory?  It's here, just pending.
  • When are they going to release the moratorium inventory?  It has been getting released since late spring and it's pending.
  • Why can't I get that house?  It's pending!
  • But I search :insert favorite site here: and I see thousands upon thousands of listings!  Guess what?  It's pending!
  • I need my first time buyer tax credit, why can't you get me a house by November 1?  Because you are competing with 50 other buyers for the same house for two weeks before IT GOES PENDING!

I can't tell you how much fun it is PENDING in the trenches of Las Vegas Real Estate. 

If you are trying to search for Las Vegas Homes on :insert your favorite search site here: you may be viewing stuff that is PENDING.  To get the most accurate results you can search (registration and hassle free) RIGHT HERE AND if it says "CONTINGENT OFFER" OR "PENDING OFFER", HELLO!!! It's PENDING! (Oh and if it says Active - Exclusive Right, it may just have multiple offers on it!)

If you want to see what's going on - from someone in the trenches - in the Las Vegas Real Estate Market, you can also sign up for my RSS & Twitter Feeds for the most current market reports. 

Posted by

Thanks, Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

copyright 2006-2013 Renee Burrows, REALTOR®, Savvy Home Realty Solutions  702-966-2494

Blog Disclaimer Important Notice

Realtor/MLS Member, NAR, NVAR, GLVARAccredited Buyer's RepresentativeSeller Representative SpecialistSenior Real Estate SpecialistAt Home with DiversityResort & Second Home Property SpecialistShort Sale Foreclosure Resource

 

 

 

Sell Las Vegas Home          Las Vegas Homes for Sale     Las Vegas Rental House

              

 

 

 

Comments(15)

Subscribe to Comments Comment
Submit
Show All Comments
Keisha Hosea- KASIHomes.com
KASI Homes - Chino Hills, CA
Real Estate Solutions For Real People

Yep Renee, it looks like the Las Vegas Real Estate Market is hiding in the same place as the California Real Estate Market. Frankly, I am getting a little tired of being a "full time volunteer" dressed up as a Realtor. The checks are farther and farther apart!

Aug 25, 2009 02:31 PM
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Yup yup yup! Reality check time for those who keep thinking it's a buyer's market!

Great post AND I love those graphs!!!! :)

I also love that we are 'just a hair' (months max) behind our Vegas and LA neighbors in terms of market. The grinder buyers can stay home or get real!

Aug 25, 2009 02:38 PM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Keisha: F~R~U~S~T~R~A~T~I~N~G!! 

Aug 25, 2009 02:38 PM
Linda K. Mayer
License # 01767321 - La Verne, CA
Realtor, SRES, SoCAL, A REALTOR YOU CAN TRUST

You guys are so right... ya what she said!

Aug 25, 2009 02:52 PM
Richard Stabile
Re/Max Real Estate Limited - Oradell, NJ
Bergen County New Homes Builder Realtor

Renee:

You are great!

The rest of my comment is "pending".

Richard

Aug 25, 2009 03:29 PM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Renee It can be really frustrating when your buyer loose out on a property.  Glad to here your market had shifted and the inventory is disappearing

Aug 25, 2009 04:15 PM
Debbie Aldrich
The Watts Group Real Estate - Cottonwood Heights, UT
Salt Lake City Realtor - Salt Lake County, Cottonwood Heights

Renee, I love the new graphics, mine is pending.

Aug 25, 2009 04:31 PM
Fred Carver Real Estate Consulant
Retired BC Realtor - Victoria, BC
Accredited Real Estate Consultant

Hi Renee..I love it when you're Cheeky :O))

Aug 25, 2009 05:00 PM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

You are so good with the charts, graphs, etc.  And can some of the reduction have to do with the shorts either going to foreclosure (and being sold)

Aug 25, 2009 06:30 PM
Russell Lewis
Realty Austin, Austin Texas Real Estate - Austin, TX
Broker,CLHMS,GRI

Renee, what an excellent post and I always enjoy the way you are able to make a chart pop and your personal input makes it so much better! Hope all is well, I have enjoyed following your adventures on Facebook!

Aug 26, 2009 02:42 AM
Sharon Senger
tcDocs - Seattle, WA
Licensed Transaction Coordinator

Hi Renee,

As always great information delivered in your ineffable style.

Sharon

Aug 26, 2009 02:46 AM
Christianne O'Malley
Dickson Realty - Reno, NV
Exceptional Service - Delivering Results in Reno!

Renee - Whenever I am truly trying to determine available inventory, I always remove the pendings. Some people disagree with me, and I always do pull the pending numbers and provide them as well, but...

Like you say in your post, in our market we usually have 450-500 listings and 80-100 additional 'pending' properties. We have been holding steady at 80-120 pendings for 8 months. With 40-60 sales per month, that means there's several homes that are just NEVER closing. I find it's SO misleading...

Aug 26, 2009 06:56 AM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Candice:  We have been a "Seller's Market" sometime between Mid April-Mid May (I pull stats mid month!)  I hear ya on the grinders!

Linda:  LOL I like that phrase "what she said" and use it quite often IRL

Richard: LMAO about "pending" comment

Jennifer:  Buyers, especially FHA financed buyers, are feeling frustration like you wouldn't believe!

Debbie:  HAHA!  I got your message in another blog post.  I will explain the potential problem in an email!

Fred:  LOL! 

Carla:  You can see my comment below to Christianne.  Most of the pendings are shorts!

Russell:  Thanks :blush:

Sharon:  Why thanks!  I am humbled by that remark!

Christianne:  I do NOT disagree with you at all, you are correct in your assessments! 

The reason why I wanted to show pendings here is that there are incorrect statements in the national media and all over the blogosphere that there will be a huge waterfall of inventory.  When, in fact, that moratorium inventory has been getting released since late spring.  It's just a little "invisible" when it is in pending or contingent status. 

When you add up the inventory numbers - they are just about the same pre-moratorium (around Thanksgiving '08).  Back in the olden days our 30 day closes were about a 50-60% ratio.  Now 60 day closes are hovering in the 30's% mark!  I think that is mainly due to two major contributing factors:

  • Ham sandwiches can no longer be financed.  Only very special qualifying people can be financed.
  • Lending guideline hiccups.  When you think it can't get any crazier, it does.
  • Short Sale Contingencies are screwing it all up!

When you look at the sub markets, REO has a pretty decent close ratio and above 50%.  There is almost no inventory in that department (getting snatched up as quick as it comes out) with less than 1 month of inventory.  The dismal short sale 60 day close ratio (10% currently) is diluting the numbers - big time.

Aug 26, 2009 07:37 AM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Barbara:  Thanks!  Hope you got my email :wink:

Aug 29, 2009 12:50 PM
Back to Top

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?