The pace steps up a bit.
Market snapshot 2009/04/20
Numbers keep going in the same direction - 3043 homes available, 
down from 3071 last week. (Clark County total - 3991). Homes under contract 694, up again from last week (Clark County total - 893). And the good news is that homes-sold bumped up to 55 from 31 the week before (Clark County total 70).
I was recently asked about the market and whether or not I thought it was getting better. Well - what do you mean, 'better'? There's more going on, but if you're a buyer, it's not getting better. In fact, if you're a buyer, your choices are getting slimmer...
Is 'better' meaning have buyers finally started to act on low interest rates and broad inventory? Have sellers who aren't serious about selling gotten off the market? Then, the market is definitely getting better.
Here's something interesting...bank owned or 3rd-party approval required (predominantly short-sales) account for about 25% of the homes available for sale, and account for approximately 54% of the homes that sold last week. Of the homes currently pending, there about 43% that are either short sale or 3rd party approval required. Why's that so interesting? Well, it shows whose price is controlling the market, I think. I'm pretty sure more short sales are selling too, which shows the banks are serious about not owning real estate. This difference might also be affected by the fact that there are fewer homes available. Maybe it points to loan modifications too? Either way, I think the glut of homes on the market is being slowly eroded right now. The majority of sales are still under $250,000 price point.
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