Pendings have risen well over the 500 I predicted several weeks ago from these Las Vegas Foreclosure auctions! Three weeks post we are looking at rising closings (+6 Units/one week) and rising pendings (+13 Units/one week)! Yes we are seeing listings rise (+38 units/one week). I am almost wondering if this market may swing into a seller's market for one or two months early in 2008. It is definitely the closest thing to a seller's market when you break down all the sub markets here.
The closings I have pulled are only until the 22nd due to the holidays and maybe some late entries in the MLS. What I am seeing after the 22 is phenomenal and I am sure we will see plenty of recordings on the 31st to hit the end of the month/year. Next week we will see some interesting absorption :)
Here are current REO (bank owned, foreclosure) statistics:
- Listings (12/30/2007): 2170
- Under Contract (12/30/2007): 570
- Sold (11/22-12/22/2007): 242
- Month's Inventory: 8.9 <~ Down 0.1 months from one week ago!