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
- 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!
© 2009 Renee Burrows Las Vegas Real Estate Market Report Blog