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 @ 2.5 months of inventory (dropfrom 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 (10/15/2009): 10371
- Under Contract (10/15/2009): 15034
- Sold September 2009: 4168
- Month's Inventory: 2.8
- 44% of Listings
- 14% of Sales
REO (Foreclosures, Bank Owned:)
- 21% of Listings
- 69% 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 -647 units, pendings are up +457 units, closings are UP +176 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!
© 2009 Renee Burrows AHWD - SRES - SRS - Las Vegas Real Estate Market Report Blog