housing: Is The Market Turning???
- 07/28/09 07:50 PM
Again, it's been a while since I've blogged, but I've been up to my ears in "busy"! I hope all is well with all you "Rainers" out there! So, last year at this time we had almost 30,000 properties on the market. As of Monday (7/27/09), we had 26,061 properties on the market (including 13,518 contingents and pendings - I include those because they have not sold yet, but that's another blog entirely). Of those, 8103 were REO (which equates to about 31%) and 11,767 were short-sales (which equates to about 45%). Of 4189 sales in the past 30 days, 3076 were REO and … (0 comments)
housing: WOW, it's been almost a year...
- 01/26/09 08:54 PM
I can't believe that it's been almost a year since I posted my last blog. I kinda breezed through my old posts and it's really interesting to see things from a different perspective. Looking back and comparing my '07 posts versus my early '08 posts, I can see my view of the market sharpened considerably. My February '08 posts are very closely inline with the comments Richard Lee made on the news a few day ago. He basically said we are going to trudge along the "bottom of the market" for a few years. The number of NODs and NOSs are so high that … (0 comments)
housing: Don't be fooled...
- 12/19/07 07:43 PM
Wow, it's been over two weeks since I've posted a blog. Well, I apologize to all three of you that subscribe to my blog. Seriously, I only have three subscribers. Can't say that I blame you. I'm not too consistent at posting my stats. Fortunately, it's because I've been extremely busy! So, I'm not complaining and I hope all three of you understand. :) Anyway, I titled this "Don't be fooled" because some of the market stats may look like we are pulling out of our over-supplied. declining market. Well, I hate to burst your bubble since it is the Holiday Season and all, but … (0 comments)
housing: A Little Later than Normal...
- 11/19/07 01:05 AM
OK, I'm getting slack on you guys! I was at a conference early last week and that put me behind the power curve for the rest of the week! Wow, I really didn't think that not being here would set me back so much! Anyway, here are your numbers for this week, straight out of the MLS! … (6 comments)
housing: Foreclosures!!! I know, they're nothing new, but here are new stats...
- 11/15/07 03:38 PM
Nevada ranks number one again in the percentage of increase in foreclosures. Foreclosures for the third quarter of the calendar year were up 33.9% from the previous quarter and 212% over the previous year. I say we are NOT going to come out of this by Spring. Anybody care to wager? Just kidding. Nevada is leading the pack with 1 in every 61 homes in foreclosure. But, don't think this is an isolated trend. There were only three (that's 3) states that did not report an increase in forclosures for the same quarters. Those are Oklahoma, Louisiana and Utah. Hmmm...Utah's not so … (5 comments)
housing: The Window is Open!!!
- 11/09/07 04:15 PM
Here are your Las Vegas numbers for this week. There seem to be a little disagreement on the way I calculate our months of inventory versus they way others do. But, regardless of how you calculate it, the window is open! IT'S TIME TO BUY, BUY, BUY, IN VEGAS AGAIN!!! Prices are almost back to "pre-boom" numbers! I received an email from a new home sales associate that I know. They are selling a 1612sf home for $185,000.00!!! It almost sounds crazy, but I think the buying window will be open for the nex 12-16 months. After that, there will still be good deals, but buyers … (8 comments)
housing: REO numbers for Nevada
- 11/04/07 12:08 PM
For those of you that are interested, here are a couple REO stats from September. From Sept 1, 07 to Sept 30, 07 the REO inventory in Nevada went from 597 to 738. That equates to a 23.62% increase in REO inventory over the 30 days of September. Is this going to be a continuing trend??? … (2 comments)
housing: The Numbers Are In!!!
- 11/02/07 06:27 PM
Here are your Las Vegas numbers for this week. SFRs, condos and townhomes on the market (only EA or ER) - 27,650 Number contingent or pending - 2206 Number vacant - 13221 Number sold in last 30 days - 1173 Number of REOs - 1896 (estimated) Number of short sales - 3896 And what do these numbers tell us? Well, we have a 47.8% vacancy rate, but if you factor in the C & P vacancy rate, we get a total vacancy rate of 49.6%. Wow! 1603 of the 2206 Cs and Ps are vacant. So, 72.6% of homes in contract that are vacant. Now if you look … (8 comments)
housing: So...We don't Agree...
- 10/29/07 03:50 PM
My team meets every monday morning at 8:00 for our "Focus Group" meeting. We do this to share ideas, set goals and get our week off to a productive start. Among the many topics we discussed this morning was the crystal ball prediction. My friend and one of my fellow teammates is Darrell. Darrell and I always seem to approach things from different points of view, but almost always come to the same conclusion. On this particular topic, I agreed with Larry Murphy and he seemed to agree with the opinion of the other gentleman named in the LVRJ article, Steve … (6 comments)
housing: Las Vegas Housing Market Update
- 10/27/07 10:23 AM
Well, here are your Las Vegas Market numbers for today, as of October 27, 2007 @ 2:30 pm... SFR, condos and townhomes on the market - 28,169 Number vacant - 13,445 Number pending or contingent - 2225 Number sold in last 30 days - 1152 Number marked as short sales - 3852 Number marked as REO - 1872 Total number of properties marked as distressed - 5724 This means there is currently a 47.7% vacancy rate. Here's something that's interesting, 72% of resales under contract right now were vacant when they went into contract. The number of resales that have closed in the past 30 days … (4 comments)
housing: Crystal Ball Seminar - Las Vegas Housing Market
- 10/27/07 08:38 AM
Wow, in my last post, on Oct 26, I gave a prediction on the housing market. Well, you may or may not believe this, but the following article from our local paper, the Las Vegas Review-Journal, talks about what Larry Murphy, President of SalesTraq, said at his "Crystal Ball" seminar on Thursda, Oct 26 (just so happens). Unfortunately, I wasn't able to attend this seminar AND I didn't talk to anybody who went. But, I was right on the money with my prediction...according to Larry. Steve Bottfeld, an analyst with research firm Marketing Solutions, said he sees signs that the housing downturn has evened … (0 comments)
housing: What will help the Las Vegas Housing Market?
- 10/25/07 06:52 PM
Well...I believe that time is going to be the remedy for our housing market. But, if we were in any other city, I think the outlook would be far more dismal. The tremendous growth and popularity of Las Vegas has kept us from have a real housing market "crash". We have so many building cranes in the sky right now, it's unbelievable! I believe the current growth will strengthen our market in the next 14 - 18 months. We still have far too much inventory to recover this coming summer ('08). Besides that, I believe the media has scared a lot of … (2 comments)
housing: Las Vegas Real Estate Market Update - Do Vacant Properties Sell Faster?
- 10/23/07 05:33 PM
Well folks, here are the numbers as of today...28,301 SFR, condos and townhomes on the market. It looks like a couple of us picked up some listings over the weekend! Great job!!! There are 2239 pending or contingent and 13,507 vacant. Now here's something interesting to note... Has anybody looked at this number yet...of 2239 pending or contingent, 1607 are listed as vacant (that would be on top of the 13,507). That means more than 2/3 of the properties that are under contract right now were vacant properties (cuz honestly, once it goes P or C, nobody changes the occupancy description). That's … (4 comments)
housing: Las Vegas Real Estate, Market Update
- 10/18/07 04:53 PM
Something for you to chew on, going into the weekend...As of today, Oct 18, 2007, 9:30 pm, PST :) there are 28,239 SFR, condos and townhomes on the market. This equates to a 21.7 month inventory at the current absorption rate. Of those homes on the market (EA or ER), we have a 47.5% vacancy rate. There are a lot of good deals out there...go get those buyers!!! Also FYI, Lennar has some killer deals this weekend up in Providence. Just went into contract on a 1795sf home for $250k!!! Granite, stainless steel appliances and upgraded trim included! It's getting good out there! … (2 comments)
housing: Short sale and repo properties...their affect on the market
- 10/16/07 05:50 PM
There are currently over 28,000 single family residences, condos and townhomes on the market in Las Vegas as of today. With over 7,000 of those properties being short sales, in foreclosure or REOs, 25% of our inventory is comprised of distressed properties. Of course these numbers are higher in some areas and lower in others, but regardless, appraisers and BPO agents will soon be forced to take these properties into consideration when valuating properties for lenders and asset managers...if they are not already doing so. What does this mean? This means that property values will continue to decline for a while. With … (10 comments)
housing: Las Vegas Real Estate Market
- 10/16/07 12:06 PM
As many of you know through the media or word-of-mouth, the mortgage industry is in turmoil. According to a recent report on MSNBC, so far this year there have been over one million, that's 1,000,000 foreclosures in the United States through October 1. And, they expect that number to reach 1.7 million by the end of the year. Nevada is leading the pack with Las Vegas driving the states numbers. For people in the real estate and mortgage industry, that may sound very dismal. But, what does that really mean to the consumer? What does that really mean to the homeowners trying to sell … (4 comments)
Again, it's been a while since I've blogged, but I've been up to my ears in "busy"! I hope all is well with all you "Rainers" out there!;)
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