Las Vegas, NV Area October 2009 Pendings Report: Pendings DROP (slightly), FINALLY!

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

Las Vegas Area Homes For Sale - Pending - Sold

Las Vegas Area Homes For Sale - Pending - Sold

The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year!  Absorption for October 2009 is a seller's market @ 2.1 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!

We are FINALLY seeing an increase with inventory and a decrease with escrows (we should have seen that late spring/early summer!)  Good news for buyers?  Still remains to be seen.  We need to get over 10000 active units on the market before it can be stabilized from a seller's market 

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

  • Listings (11/15/2009):  10393
  • Under Contract (11/15/2009):  14609
  • Sold October 2009:  4328
  • Month's Inventory:  2.4

Short Sales:

  • 43% of Listings
  • 16% of Sales

REO (Foreclosures, Bank Owned:)

  • 22% of Listings
  • 66% 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 UP +22 units, pendings are DOWN -425 units, closings are UP +160 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 3 times:

Re-Blogged By Re-Blogged At
  1. Kenny Salame 11/26/2009 10:47 AM
  2. Kimberly Dearth 11/29/2009 05:16 AM
  3. Kimberly Dearth 11/29/2009 05:17 AM
Topic:
Real Estate Market Trends
Location:
Nevada Clark County Las Vegas Canyon Lake
Groups:
Market Updates
City and State
Local Expert
Las Vegas Foreclosures - Homes, High-Rises-Condos
Market Reports
Tags:
las vegas listings
las vegas homes for sale
las vegas short sales
las vegas foreclosures
las vegas nv real estate

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Ambassador
1,880,962
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Hi Renee. I particularly like the under contract trend line in your area. You are coming out of a big mess for sure.

Nov 24, 2009 12:40 AM #1
Rainmaker
564,285
Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

Renee, The demand that created the remarkable development in Las Vegas  still seems to be fueling your market.  Having only 2.4 months of inventory is remarkable, all things considered.

Nov 24, 2009 01:07 AM #2
Rainer
104,805
Debbie Aldrich
The Watts Group Real Estate - Cottonwood Heights, UT
Salt Lake City Realtor - Salt Lake County, Cottonwood Heights

Renee, Good news on the Pendings.  I hope the many changes tighting the lending laws don't have an adverse affect on our market.  One can only hope the short Sales, REO, etc...become less of a common occurrence and more of an exception so prices can stablize and the market rebound!!  Have a great day my friend!!

Nov 24, 2009 02:20 AM #3
Rainmaker
312,205
John Occhi
Mason Real Estate - Temecula, CA
SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate

Must be nice to have inventory in the thousands...ours is in the hundreds

Nov 24, 2009 02:32 AM #4
Rainmaker
1,928,220
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Renee

I bet it will be nice when you see a normal pattern of buying and selling occur one day again.

Nov 24, 2009 02:37 AM #5
Ambassador
1,091,070
Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

Inventory is going down significantly here. Two listings in the last few weeks went into contract the week after listing it.

Hi Renee! 

Nov 24, 2009 03:12 AM #6
Rainmaker
175,187
Richard Stabile
Re/Max Real Estate Limited - Oradell, NJ
Bergen County New Homes Builder Realtor

Renee:

I like when the under contracts crossed the listings back in May. This confirmed the reversal.

Richard

Nov 24, 2009 12:04 PM #7
Rainmaker
629,117
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Hi Renee, I love your charts and the way you explain your market. Good to see so few REOs in the mix.

Nov 24, 2009 03:41 PM #8
Ambassador
1,509,742
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Gary:  Big mess is putting it kindly!

Steve:  We aren't seeing much in the way of appreciation (thanks to lienholders pricing) but we will get there.  We have at least seen some stabilization since may!

Debbie:  UW guidelines tighting have affected us big time in the last three years.  I wouldn't be suprised to watch mortgage financing go away....period!

John:  It's all relative.  We still barely have inventory when you exclude overpriced homes.

Tom:  AMEN!

Sally:  Great news!

Richard:  It most defnitely did confirm the reversal and that is precisely when we turned into a seller's market!

Mary:  Thanks!  There are few REOs but people are chomping at the bit for them!!

Nov 24, 2009 11:32 PM #9
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