Las Vegas, NV Real Estate: Pendings Up 536 Units in 11 Days!

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Las Vegas, NV Real Estate: Pendings Up 536 Units in 11 Days!

Las Vegas, NV Area Pendings for single family, condos and townhomes are up 536 units in 11 days and listings are down 332 units in the same time frame.

Buyer interest is ranging from first time buyer to experienced investor. The frenzy is mainly due to swiftly rising rents and declining REO and attractive new construction prices. The REO (Bank Owned, Foreclosure) market has shifted to a seller market and new construction is an option for many buyers facing frustration after submitting multiple offers in the REO market only to be outbid each property with multiple offers. Renters are also facing frustration with the homes they are renting going into foreclosure and wanting to take control of their future.

With 23333 current listings in the Las Vegas area, there is still a lot of inventory, about half over priced. This is good news and a signal that the market is turning slowly but surely. Sure enough we are going to have another auction of bank owned listings. This will draw even more buyers into our market. I will give more details on this auction soon to follow.

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Posted by Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com on 02/21/2008 09:17 AM

Comments (23)

las vegas nv real estate, las vegas foreclosures, las vegas rentals

Originally posted at: Nevada Real Estate >> Las Vegas Real Estate Specialist: Las Vegas, NV Real Estate: Pendings Up 536 Units in 11 Days!

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23 Comments on Las Vegas, NV Real Estate: Pendings Up 536 Units in 11 Days!

FEB

2008

You go you contract writing fool... looks like drinks will be on you!!

Those are some great facts. Do you get these from the MLS or do you have a private source?

Renee - It's good to see that the ship is turning. Expect a great year.

Hey Renee,

I just met another agent from Las Vegas...she was in the same listing course we were taking for our CRS education. She told me of similar figures.

Renee, those are some amazing numbers in 11 days. It's great to keep a sharp eye on the market. The market is beginning to turn for the better.

FEB

2008

Hi Renee - Everyone is buzzing about the pendings stats, but if you look at Absorption rate charts - you will see they are comprised of mainly under $300k properties. We are back to the fact that only those make sense for an investor from a rental standpoint.

Funny you should mention the renter thing, I just got a call today from a RENTER that found me here on AR and she said it was the 2nd time they were ripped off, and they were JUST served papers for forclosure because the owner was NOT paying the mortgage, while they were paying rent on time monthly!

Dez: Hold the phone on that one :)

Jeff: I have several custom searches for my stats already set up in my MLS. When I pull monthly stats I just have a couple of clicks of a button :)

Michael: It is crazy. We are now approaching 4000 pendings. March is going to be a wild month.

Larry: Crossing my fingers for a great year!

Ray: I am hoping so. I am also hoping that Clark county gets out of the dreaded "declining market" scar soon. The only 100% financing we have is VA and FHA with DPA.

Neal: It's amazing how quick things have turned. Hopefully they start closing :crossing fingers:

June: I double ended my $600K listing last weekend and had much Realtor interest. We reduced the (already low) price only $25K. I also got another offer on my $425K ACC short sale listing last weekend but that doesn't count..LOL! I do have to do some absorption charts in the first week of March to see where we have departed from last November's numbers. Those take two hours though :groan:

Katrina: I get these calls all the time :groan: I just had one last week and the poor lady just put the deposits and started renting in November 2007 when she got the certified mail for the owner on accident. She was hell bent on getting closure. I have been giving her a little side advice and she called channel 8 (local news channel) and they did a HUGE investigation that keeps on overturning tidbits. Apparently the owners live in a mansion, bought a ton of "investment" property and now are letting them go back to the bank since they lost money. Boo hoo for them while this poor renter (lucky her) gets to find another house. The property management company already sent the deposits to the landlord so she kept on getting the "too bad, so sad" story. This will air on Monday provided they don't find anything new between now and then. Which I am sure they will.

You mentioned swifty rising rents. Do you have any large rental communities that you know of with good occupancy rates. We are always looking to buy and if you come across such, please give us a call.

Joe: The southern 215 beltway from Henderson to Summerlin is enjoying lower vacancy and higher rents due to it's proximity to the southern strip and airport.

I need to get something like that setup. I have always relied on the Title Co., but this would be faster.

Thanks.

Jeff: I don't know what your MLS looks like but I have the ability to set up searches on the search page. All I have to do is go to the search page and click on one of my customized searches on the right hand side. I have disdain for relying on others. When I want to write a blog, I want to write a blog and have no time to wait :wink: I just like to go "click, click" and have what I need right there.

Renee, your market sure is looking good! I hope this will begin to hold true for the rest of the country. Texas has been very good as well.

I know that Jeff probably uses the Austin board for his MLS and if we have the custom search option here in Fort Worth his board probably does as well.

Renee, The market is definitely turning here in Vegas! Seems that all the homes that are priced correctly have multiple offer at or above list. I think it will be a great year for us!

Renee,

Seeing the words seller market is music to many ears, after all these years with the buyer's market. Variety is the spice of life, isn't it. But honestly, these are very good signs for the future real estate market here in the valley.

You go girl! I hope your market rewards you richly for all your hard work! See you in 9 days!

FEB

2008

Renee... sounds like your market is very different than so many out there. And it sounds like the high rents or those going into foreclosure is pushing people to buy. In NJ and several local markets around here, it's cheaper to rent than to own. Thanks for the info.

Renee---

I was one of the preferred lenders at the Auction in December and will be doing it again in March.

It was incredibly exciting with thousands of attendees over two days, many of who could not get in because of fire hazard laws. They had to do a second room for bidders where the auctioneers had to be seen on closed circuit televisions.

Your perspective that this helped ignite the market is interesting, yet I think may be right on.

I do think June is right in her comment above. The heat in our market today is for bank-owned properties, especially those under $300K, but who cares? Sales are great news no matter what the category.

This is further proof that the Las Vegas market is what we want to believe it is, a place where 6,000 people per month continue to move, with affordable housing much cheaper than California and more desirable than Arizona.

The buyers are out there. They simply want to buy homes they can afford.

Renee, that's a lot of listings for LV I would think. More pending is definitely good news though. We currently - as of today - 56,161.....and 5233 pending. That's a good thing, believe it or not. Listings were increasing about 1,000 per week for awhile with only 3,000 or so pending at any given time. I track it every day, and I'm encouraged.

FEB

2008

Renee, I love reading this stuff! It's showing us that the market place really does work.

Linda: Thanks for the heads up for Jeff. We are now approaching 4000 pendings. The day I pulled that number, it was in the 3500-ish range.

Roberta: I am hoping for my best year yet!

Esko: Most excellent signs!

George: I do too. I just want to see a healthy market!

Jeff: With tightening of money and the lack of verified income (from the tip industry), rentals remain hot here!

Aaron: Great perspective and please send me that info. I will be replying to your email in a little while!

Teri: That is a lot of listings for our area but they have been falling since December when there is a traditional rise during the same time frame.

Patricia: I have been told over and over that when the market changes, it will do so quickly. That is definitely what is going on!~

I get ya on getting a post done on your own time. We do have that capability. I use it for my clients. I need to do it for myself.

MAR

2008

Jeff: :grin:

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Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com

Las Vegas, NV

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