The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year! Absorption for November 2009 is a seller's market @ 2.7 months of inventory. 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!
We are FINALLY seeing a stabilization of inventory and a decrease with escrows (we should have seen that late spring/early summer!) Good news for buyers? Still remains to be seen. We need to get over 10000 active units on the market before it can be stabilized from a seller's market
Las Vegas Area Market Activity (Includes North Las Vegas, Henderson and Las Vegas)
- Listings (12/15/2009): 10332
- Under Contract (12/15/2009): 14136
- Sold November 2009: 3774
- Month's Inventory: 2.7
Short Sales:
- 43% of Listings
- 17% of Sales
REO (Foreclosures, Bank Owned:)
- 22% of Listings
- 63% of Sales
The above breakdown shows how very few short sales are being closed and how little inventory is in the REO market currently.
In One Month: Listings are DOWN -61 units, pendings are DOWN -473 units, closings are DOWN -554 units. Close ratios are going lower because much of the pending inventory is short sales which requires LONGER close times.
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
;)
;)
;)
Renee...good news is always good news!
Love how you do your market reports! Look great and have great info!