Las Vegas, NV Area August 2009 Pendings Report: Inventory Still Going Down, Pendings Still Going UP!

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

Las Vegas NV Real Estate

Las Vegas NV Homes For Sale

The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year!  Absorption for August 2009 is a seller's market @ 2.8 months of inventory (slight rise from last month, seeing some micros inch up with 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! 

Las Vegas Area Market Activity (Includes North Las Vegas, Henderson and Las Vegas)

  • Listings (9/15/2009):  11018 (FOLKS THIS NUMBER DROPPED BELOW 11000 SINCE I PULLED STATS!) 
  • Under Contract (9/15/2009):  14577
  • Sold August 2009:  3992
  • Month's Inventory:  2.8

Short Sales:

  • 43% of Listings
  • 12% of Sales

REO (Foreclosures, Bank Owned:)

  • 22% of Listings
  • 72% 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 -550 units, pendings are up +836 units, closings are Down -551 units.  Close ratios are going lower because much of the pending inventory is short sales which requires LONGER close times. Pending inventories usually level late spring ~ FIRST TIME BUYERS WANT THEIR TAX CREDITS (must be in contract by Nov 1 and close by Dec 1) and INVESTORS ARE SEEING OPPORTUNITY!

 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

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

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Kimberly Dearth 09/18/2009 11:33 AM
Topic:
Real Estate Market Trends
Location:
Nevada Clark County Las Vegas Bradley Ranch
Groups:
Posts to Localism
Market Updates
City and State
Las Vegas Foreclosures - Homes, High-Rises-Condos
Market Reports
Tags:
las vegas short sales
las vegas foreclosures
las vegas nv real estate

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Rainmaker
1,870,742
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Renee

You are the graph queen! I love that comparable line graph.

Sep 17, 2009 10:40 AM #1
Rainmaker
363,151
Susie Blackmon
Ocala, FL
Ocala, Horses, Western Wear, Horse Farms, Marketing

Glad to see in your beautiful graphs that there are some positive things going on.

Sep 17, 2009 10:46 AM #2
Rainer
104,743
Debbie Aldrich
The Watts Group Real Estate - Cottonwood Heights, UT
Salt Lake City Realtor - Salt Lake County, Cottonwood Heights

Renee, It looks like the undercontracts are passing up the listings.  Love the graphs.

Sep 17, 2009 10:49 AM #3
Rainmaker
420,042
Nevin Williams
Fairway Independent Mortgage Corporation - Cary, NC
Senior Mortgage Advisor

Renee - From what I have read Las Vegas was particularly a hard hit market so this is excellent news!  Looks like you're going to be plenty busy.

Sep 17, 2009 11:12 AM #4
Rainmaker
486,879
TIM MONCRIEF
Keller Williams Realty - Austin, TX
Over 2,000 homes sold…..

Well done.  Soon the long pendings will be reduced.  Hopefully your good news will spread across the country.  Sell on.......

Sep 17, 2009 11:24 AM #5
Rainer
321,367
Russel Ray, San Diego Business & Marketing Consultant & Photographer
Russel Ray - San Diego State University, CA

Things are similar down here. August figures aren't out yet, but when they do arrive, I expect them to show that home sales have been up for 14 consecutive months and prices have been up or flat for 8 consecutive months. Most experts think that the bottom of the San Diego real estate market was sometime between December 2008 and March 2009.

Sep 17, 2009 11:16 PM #6
Ambassador
1,505,191
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Tom:  The line graph really paints a clear and concise picture huh?

Susie:  Buyer activity is HIGH!

Debbie:  Yep!  We turned into a seller's market in April/May

Nevin:  We have been insanely busy!  I feel sorry for financed buyers who are having a hard time getting in their homes!

Tim:  I hope the long pendings come to a halt soon.  Several of us felt a little change in the short sale wind this week.  We hope this pans out!

Russel:  We fell a bit in August but closes have been escalating at a very nice daily rate (and I hope this continues all month.)  We should be around July's numbers in Sept.

Sep 19, 2009 01:12 PM #7
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