Nevada Real Estate >> Las Vegas Real Estate Specialist: December 2007

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!
  

View last weeks stats here.

View Monthly stats here. 

Nevada is once again the fastest growing state!!!  Arizona took that title the past two years. 

The anticipation is being felt in the form of higher multi family building units being permitted as less people can get a loan to buy a home right now.  I pull these statistics monthly and even though I know this, sometimes I don't feel this when I am working.  There are markets that are moving right now and then there are others that are going to take longer to recover.  In 2007, we saw a short period of new construction rolling back their prices and then weeks later a slight bounce up.  I have a feeling their correction was an over correction:)  Even though these prices have adjusted upward, we are talking just slightly upward. 

The REO market has seen a slight lowering of prices and then mid November to now we are seeing fire sale prices.  Three auctions at the beginning of December helped shove pendings up to almost double October's numbers.  The closings have begun and we may see a near seller's market or a seller's market for a short period of time in January for the bank owned properties.

I am very bullish in 2008 for buyers and absorption with in the Las Vegas, NV real estate market.

• Buyers will start coming out but they will be motivated by price.  Since we have seen the reductions begin, units sold in 2008 will be higher than 2007.  I will say with new construction and resales combined:  a conservative 25% higher. 
• Sellers who bought or refi'd and cashed out post mid-2004 will still hurt and the short sale market will continue to suffer.  Resale median prices will go down 3-5% from January 2008-end of Dec 2009.
• Foreclosures will keep rising:  Investors who bought on short term speculation will continue to cut their arms off (let the house go back to the bank) so they don't bleed to death waiting on a return that will take too many years. 
• The investors who bought (and are buying) will win in the short term by renting out their properties.  We will still see a good rise of average monthly rents in the rental market from January-May 2008 and then topping off to the end of 2008.

So congratulations to the gainers:  Most notably NV, AZ, TX, CA, LA (YES!)  I do predict NV to be in the top 3 again next year.  Let's go for more electoral votes!!!

Wishing everyone a prosperous New Year and many gains for 2008!

Bank Owned Las Vegas Listings (AKA Foreclosures, REOs) are seeing some absorption!  Inventory has risen slightly (+121 units), Pendings have risen considerably (+204 units) and closings have gone up too (+27 units).  Monthly absorption rate down slightly by a half a month!

Current Listed Bank Owned Statistics:

• Listings (12/26/2007): 2150
• Under Contract (12/26/2007):  572
  
• Closed (11/19-12/19/2007: 240
• Absorption Rate:  9 Months Inventory

View Last Month's Report Here  

If you are considering buying in this submarket, beware that it is moving! 

The absorption rate for Las Vegas Short Sales has risen once again in December 2007.  Inventory has risen dramatically (+204 Units), closings (sales) have also decreased (-18 units) in this sector.  Pendings (+46 units) are only up nicely but they just aren't closing.

The short sale market absorption rate has risen from 51 months in August/Sept to 77 months in Sept/October to 56 months October/November.  We are currently looking at 78.6 months of inventory for Nov/Dec.  There are many reasons for it and it is outlined in this post. 

Are we beginning to see the banks allowing the properties to go for less to avoid the costs of foreclosure? 

Short Sale Synopsis:

• Listings 12/26/2007: 4245
• Pending 12/26/2007: 327
  
• Closed 11/19-12/19/2007: 54
  
• Month's Inventory: 78.6 (=6.6 Years Inventory.)
  

One thing you really need to consider when buying or selling short is to make sure the list agent is EXPERIENCED in this niche.  These deals are hard to pull whether it is or is not an experienced agent.  

Read here for last month's report on Las Vegas Area Short Sales.

We have seen the Las Vegas, NV high rise real estate market have a phenomenal (and scary) jump in inventory in the last several months.  For several reasons:

• Too many speculators in that market.  They want to close n flip.  They are not interested in holding, renting or living in them.  Each time a building closes, we see an increase of inventory.
  
• Mortgage market madness has reduced the amount of loan products available to jumbo, second, vacation or investor type property owners. The ones who have very little money down and marginal credit, that is.  So the buyer pool for both resales and new went kaput.  Loud and hard too.

Here are the high rise stats:

Rentals:

• 342 Listed 12/26/2007
• 10 Under Contract 12/26/2007
• 36 Leased 11/19-12/19/2007
• 9.5 Months Inventory

Resales:

• 790 Listed 12/26/2007
• 82 Under Contract 11/20/2007
• 14 Closed 11/19-12/19/2007
• 56 Months Inventory (=4.7 years)
  

Resale inventory is down from 72 months inventory two months ago. Sales have not risen dramatically, only two more units from then.  Inventory has just reduced slightly.  The rental inventory of 9.5 months is staggering when you compare it to the entire market of rentals that hovers around 3 months of inventory.

I think it is apparent that many purchases are completely speculative = not enough demand for living in.  Some rent prices just barely cover the owner's HOA.

Since July speculators have been bailing from their new construction high rise escrows because of lack of mortgage products for funding.  They are also leaving their steep deposits at the builder and not looking back. 

Unless demand for high rise LIVING increases over speculation, we will be seeing a major correction in this part of our market.  We  have a little over 14000 units under construction with another 50000+ more on the drawing board.  Every time a building closes, we see 20-50% of that building go on the market.

The beautiful part about this is that when you put the pen to the paper for land and development costs, it costs about $1800/square foot.  You can buy right now with the median price being in the mid 500's for a square foot.  Will deflated dollar against foreign currency be able to bail us out?  Is Las Vegas unique enough to attract those foreign investors?

View Last High Rise Update (November 2007)

I may have been a little conservative when I estimated weeks ago that we would see 500 pendings rise from these Las Vegas Foreclosure auctions!  Two weeks post we are looking at rising closings and rising pendings (+57 Units)!  Yes we are seeing listings rise (+13 units), not to outpace the rise of closings and pendings.  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.  I do want to hold off on my optimism.  We will be seeing another avalanche of foreclosures as speculators who are bleeding to death would rather chop off their arm (let a non-performing investment go back to the bank.)

Here are current REO (bank owned, foreclosure) statistics:

• Listings (12/23/2007):  2133
• Under Contract (12/23/2007):  557
• Sold (11/15-12/15/2007):  236
• Month's Inventory: 9.0 <~ Down 1.5 months from one week ago!
  

View last weeks stats here. 

This Rhodes Ranch Area market report was generated on December 22, 2007 (graph on bottom):

• Active Listings: 466
• Under Contract:  85
  
• Sold 11/15-12/15/2007:  38
• Months Inventory: 12.2 (major one week drop)
  
• Low:  $138,000; High:  $3,490,000; Median:  271,475 (listing prices only)

Rental Market Report generated on December 22, 2007 (graph on top):

• Active Listings: 103
• Under Contract:  14
• Leased 11/15-12/15/2007:  35
• Months Inventory: 2.9
  

Median List Price for an area rental:  $1295/month, Low:  $750, High:  $5500

Information from GLVAR is deemed reliable but not guaranteed.

Last Market Report Generated December 14. 2007

Click here to view past market report graphs and active rental, resale and new construction listings in the Rhodes Ranch Area 

 Includes: Apache Hills, Apache Springs (The Falls), Astoria Homes at Rhodes Ranch
(Independence), Canyon Trail, Huntington, Liberty @ Warm Springs, Maplewood, Rhodes
Ranch, Richmond@ Rhodes Ranch, Sierra Madre, Venezia, Vistana.

www.LivingAtRhodesRanch.com

Schools (12/20/2007) Zoned are: Sierra Vista High School, Faiss Middle School & Wayne Tenaka Elementary school. With extreme growth in the valley schools change quickly and for no rhyme or reason so it is always best to check online for current zoning with Clark County School District.

There are currently (12/20/2007) 1437 homes in this neighborhood ranging from 1240-3940 square feet. The builder was KB Home and these homes were built between 2004-present. The builder is currently closing the last few out at great prices!

For More Information/Floorplans/Virtual Tour go to www.HuntingtonHomes411.com. We can help you find rentals, buy or sell in Huntington at Rhodes Ranch! As always: we provide no cost buyer's agency and renter's assistance!

Huntington is close to shopping, restaurants, hospitals and gaming.

View Larger Map

Schools (12/20/2007) Zoned are: Sierra Vista High School, Faiss Middle School & Wayne Tenaka Elementary school. With extreme growth in the valley schools change quickly and for no rhyme or reason so it is always best to check online for current zoning with Clark County School District.

Amenities include a Community Playground

There are exactly 239 homes in this neighborhood ranging from 700-1484 square feet. The builder was KB Home and these homes were built between 2003-2005.

For More Information/Floorplans/Virtual Tour go to www.LibertyHomes411.com. We can help you find rentals, buy or sell in Liberty @ Warm Springs! As always: we provide no cost buyer's agency and renter's assistance!

Liberty is walking distance from shopping, restaurants and gaming. When minutes matter: Liberty is located less than one mile from St Rose San Martin Campus Hospital.

View Larger Map

Las Vegas area is just like the rest of the country and we are seeing major challenges to financing a home purchase.  One of the best ways to gain entrance into your first home, right now, is to use FHA or VA financing.  Before you are go out searching for that home, New Construction or Resale you should get approved with a lender.  Your lender will help you determine your buying power.  Really good lenders will let you know what needs to be done to position yourself to buy a home.

There are several types of lenders for residential purchases, just to name a few:  direct lender, mortgage broker and hard money broker. 

There is always ongoing debate on whether you should use a direct lender (mortgage banker such as Wells, BofA, Countrywide) or a Mortgage Broker (someone who can shop all wholesale mortgage products to find you the best rate or product to suit your needs.)  Who should you use?  Well it depends on your situation.  Sometimes builder's lenders want to throw you in one of their products so they don't want to go the extra mile to get you approved for a VA or FHA loan.    Sometimes REO (bank owned) sellers want you approved on their letterhead or any major bank letterhead, but it doesn't matter who closes the loan, just as long as it closes!

Buyer Beware!  Make sure you "shop" a broker if a builder is pushing you to use a direct lender or vice versa.  I have had two major transactions crash and burn in the last month because a builder's direct lender didn't want to go that extra mile to get an FHA AND VA transaction rolling.  They wanted to stick both buyers in one of their programs which would have resulted in higher PMI and interest rates.  Both of these buyers could easily get what they wanted if they used a mortgage broker who specializes in those types of loans.

If something smells funny or doesn't add up, always ask questions and get a second opinion.  It never hurts. Sometimes, even if you lose incentives (like closing costs) from a builder, you can end up paying less in the long run.

All SFR, Townhome, Condo Listings:

• Listings (12/9/2007):  25691
• Under Contract (12/9/2007(:  2304
• Sold November:  1137
• Month's Inventory:  22.5
  

All SFR Listings:

• Listings (12/9/2007):  20241
• Under Contract (12/9/2007):  1886
• Sold November: 956
  
• Month's Inventory:  21.2
  

All Condo Listings (Excluding High & Mid Rise)

• Listings (12/9/2007): 2957
• Under Contract (12/9/2007):  198
• Sold November:  82
• Month's Inventory:  36.1

All High Rise Condominium Listings:

• Listings (12/9/2007): 854
  
• Under Contract (12/9/2007): 82
  
• Sold November: 11
  
• Month's Inventory: 77.6

All Townhome Listings:

• Listings (12/9/2007): 592
• Under Contract (12/9/2007): 112
  
• Sold November: 76
  
• Month's Inventory:  20.9

All Short Sale Listings:

• Listings (12/9/2007):  4183
  
• Under Contract (12/9/2007): 298
  
• Sold November: 66
  
• Month's Inventory: 63.3

All REO/Bank Owned Listings:

• Listings (12/9/2007): 2175
  
• Under Contract (12/9/2007): 436
  
• Sold November: 207
  
• Month's Inventory: 10.5

All SFR Under 200K Listings:

• Listings (12/9/2007):  1645
  
• Under Contract (12/9/2007): 281
  
• Sold November: 110
• Month's Inventory: 14.9

All SFR $200-250K Listings:

• Listings (12/9/2007): 4153
  
• Under Contract (12/9/2007): 491
  
• Sold November:  242
• Month's Inventory: 17.1

All SFR $250-300K Listings:

• Listings (12/9/2007): 4367
• Under Contract (12/9/2007):  393
  
• Sold November:  237
  
• Month's Inventory: 18.4

All SFR $300-400K Listings:

• Listings (12/9/2007): 4423
  
• Under Contract (12/9/2007): 419
  
• Sold November:  208
• Month's Inventory:  21.2
  

 All SFR $400-500K Listings:

• Listings (12/9/2007):  2086
• Under Contract (12/9/2007):  153
• Sold November: 69
  
• Month's Inventory:  30.2

All SFR $500-700K Listings:

• Listings (12/9/2007): 1974
  
• Under Contract (12/9/2007): 111
  
• Sold November: 57
• Month's Inventory:  34.6

• Listings (12/9/2007): 1055
• Under Contract (12/9/2007): 40
• Sold November: 26
  
• Month's Inventory: 40.5

All SFR $1-2Mil Listings:

• Listings (12/9/2007): 694
  
• Under Contract (12/9/2007): 36
  
• Sold November: 19
• Month's Inventory: 36.5

• Listings (12/9/2007):  334
  
• Under Contract (12/9/2007): 15
  
• Sold November: 9
• Month's Inventory: 37.1

C

Condo (Excluding Mid & High Rise) Under $150K

• Listings (12/9/2007): 804
• Under Contract (12/9/2007): 76
• Sold November: 33
• Month's Inventory:  24.4

Condo (Excluding Mid & High Rise) Between $150-200K

• Listings (12/9/2007):  1249
  
• Under Contract (12/9/2007):  82
  
• Sold November: 36
• Month's Inventory: 34.7

Condo (Excluding Mid & High Rise) Between $200-225K

• Listings (12/9/2007): 283
  
• Under Contract (12/9/2007):  12
  
• Sold November: 6
  
• Month's Inventory: 47.1

Condo (Excluding Mid & High Rise) Between $225-300K

• Listings (12/9/2007):  322
  
• Under Contract (12/9/2007):  19
  
• Sold November:  6
  
• Month's Inventory: 53.7

Condo (Excluding Mid & High Rise) Between $300-400K

• Listings (12/9/2007):  174
  
• Under Contract (12/9/2007): 2
  
• Sold November: 0
  
• Month's Inventory: no value

Condo (Excluding Mid & High Rise) Over $400K

• Listings (12/9/2007):  236
  
• Under Contract (12/9/2007):  7
  
• Sold November: 2
  
• Month's Inventory: 118

Townhome Under $175K

• Listings (12/9/2007):  385
  
• Under Contract (12/9/2007):  34
  
• Sold November:  22
  
• Month's Inventory:  17.5

• Listings (12/9/2007):  278
  
• Under Contract (12/9/2007):  25
  
• Sold November:  15
  
• Month's Inventory: 18.5

Townhome Between $200-225K:

• Listings (12/9/2007):  279
  
• Under Contract (12/9/2007):  20
  
• Sold November:  13
  
• Month's Inventory:  21.5

Townhome Between $225-300K

• Listings (12/9/2007):  525
  
• Under Contract (12/9/2007):  26
  
• Sold November:  21
  
• Month's Inventory:  25

Townhome Between $300-400K

• Listings (12/9/2007):  108
  
• Under Contract (12/9/2007): 10
  
• Sold November:  5
  
• Month's Inventory:  21.6

Townhome Over $400K

• Listings (12/9/2007):  57
  
• Under Contract (12/9/2007):  3
  
• Sold November:  4
  
• Month's Inventory:  14.3

All Listings & Pendings were pulled 12/9/2007.  Sold value is for the entire month of November for the Las Vegas Valley.  Information provided by Renee Burrows/GLVAR and is deemed reliable but not guaranteed.

View last report for July 2007 

YES!  We hit the magic 500 Las Vegas Foreclosure pending number that I predicted several weeks ago.  There are exactly 500 REO listings under contract as of today.  That is +64 units from last week, up 123 units from two weeks ago, and up 214 units from October 2007 (a mere two months ago!)  We have almost doubled the amount of pendings in two months.  Listings are down 55 units from last week but up 297 units from October.  Actual closings remain stable.  I expect absorption to slightly drop at the beginning of the New Year (2008) as we watch the rising pendings close.

Here are current REO (bank owned, foreclosure) statistics:

• Listings (12//16/2007):  2120
• Under Contract (12/16/2007):  500
• Sold (11/5-12/5/2007):  205
• Month's Inventory:  10.3 

View last weeks stats here. 

NV ranks very high with foreclosures and looming foreclosures. Unfortunately with this comes scam artists and fraudulent practices which the homeowner thinks they may have saved their home but in the end, they do not!

Make sure you investigate every "investor" or "opportunity" that knocks on your door or calls you to make sure they are legitimate.

Many loan brokers are also renegotiating notes as a public service and for free to help keep you in your home. If you need help to find one in the Las Vegas, NV area, please contact me. This is something you can attempt to do for yourself also!

Here are some resources that could help if your home is in pre-foreclosure or default status (compliments of Teresa Boardman in MN):

• Home Ownership Preservation Foundation (HOPE)
• HUD in Nevada
• Associations for Community Reform Now (ACORN)
• Avoiding Mortgage Fraud (Freedie Mac)
• Nevada Foreclosure Help (NV Department of Business & Industry)

Be aware there are options but make sure you are not getting scammed!

If you are a renter who has been paying the rent but the landlord hasn't been paying the mortgage, please report details to Freddie Mac.

This Rhodes Ranch Area market report was generated on December 14, 2007 (graph on bottom):

• Active Listings: 469
• Under Contract:84
• Sold 11/5-12/5/2007:  28
• Months Inventory: 16.8
  
• Low:  $110,000; High:  $3,490,000; Median:  275,000 (listing prices only)

Rental Market Report generated on December 14, 2007 (graph on top):

• Active Listings: 107
  
• Under Contract:  8
• Leased 11/5-12/5/2007:  35
• Months Inventory:  3.1

Median List Price for an area rental:  $1295/month, Low:  $750, High:  $3500

Information from GLVAR is deemed reliable but not guaranteed.

Last Market Report Generated December 8. 2007

Click here to view past market report graphs and active rental, resale and new construction listings in the Rhodes Ranch Area 

 Includes: Apache Hills, Apache Springs (The Falls), Astoria Homes at Rhodes Ranch
(Independence), Canyon Trail, Huntington, Liberty @ Warm Springs, Maplewood, Rhodes
Ranch, Richmond@ Rhodes Ranch, Sierra Madre, Venezia, Vistana.

www.LivingAtRhodesRanch.com

Right now, with so much inventory, pricing is your #1 marketing tool.   

Currently your main competition is (in order):

1. New Construction:  New construction set the trend with prices.  The prices began to drop beginning of September and the bottom fell out in middle of October.  In general, you are looking at 6-8 month builds.  You want to price competitive with new construction yet deliver quicker than new construction.
2. REO (bank owned, foreclosures):  Bank owned homes followed the new construction wave in late October and we are seeing prices sink lower and lower.  The inventoroy absorption in this market (when you look at it as a whole) is pretty decent and hovering between 9-11 months and expected to drop in January 2008 with the three auctions that were just held.    People are attracted to REO listings because they think they are getting a bargain.  The problem is, most times they are not.  When your list price is low and you are in competition with distressed properties, even though yours is not, you will generate much interest because buyers will have to go through less red tape to get an accepted offer.
3. Short sales:  Short sales are when people are selling for less than what they owe and they (hope) the bank will forgive part of their debt when the home closes.  There is an abundance of these listings as your competition but fortunately for you, as a seller or potential seller, these deals are rare to close and absorption for inventory sits between 4-6 years. 

If you can't sell because you are at your bottom line, consider renting out your property.  This is one of the hottest sectors of Las Vegas NV real estate right now. 

Now pricing will not be the only factor to entice a quick offer.  Here are some more suggestions:

• Make your home the easiest to show.  If you don't have any showings, you won't have very many offers.
• Make sure the agent you choose has a good marketing plan to get your home the most exposure:  Multiple offers are not UNHEARD of right now with homes that are priced right.
• Offer incentives.  Offer up front to include lender allowed closing costs, down payment assistance or other incentives.
• Keep it clean.  If you are competing with new construction, wouldn't it make sense to make sure it stays "model perfect" at all times?
  

Now let's just play pretend in fantasy land for a moment in time.  You find the right Real Estate Professional who will price your home high.  Let's just pretend you get an offer on it and everyone comes to terms and you have your home in escrow.  Let's pretend that the person that is paying for it has to get a loan for less than 20% down.  Now we stop playing pretend when an appraisal is involved because appraisers WILL look at the REOs and new construction in your area and all those values will be taken into account for market conditions in your area.  Now, more than likely, you will be dealing with a low appraisal and have a couple of choices to make:

Lower the price so the deal can go through

~OR~

The buyer can come up with the additional money so the deal can go through

~OR~ 

You meet somewhere in the middle so the deal can go through

~OR~

You put the home back on the market.

That is such a fun game to play!  Now do you want to price it appropriately to begin with so you can bring in the highest and best offers with the best terms or do you like to chase your tail?  Think of how many people you missed from list time to appraisal time by not pricing it well to begin with!

PS:  If you home is currently on the market with another agent, please do not ask for a current comparative market analysis.

PSS:  I am not listing homes from sellers that won't take my advice on pricing either! 

PSSS:  There are buyers in this market and there are multiple offers on properties priced well as I mentioned above! 

By special request :)

How could you shorten your vacancies and maximize the amount of rent you receive for your Las Vegas Rental Property?

• Short Term Rental.  By allowing a shorter term rental (less than one year and greater than one month,) you are opening yourself up to a lesser vacancy rate but putting your property in a pool with very few listings.  If it is marketed properly, while tenants are in place, vacancies can be lower than average. Rents on average are 10%+ market rent for short term rentals. Types of tenants you may attract:  displaced homeowners from fires or water damages, corporate (business) entities, persons new to town looking for a bridge in their housing needs (selling a home elsewhere, wanting to buy a home here once their other property is sold.)
• Allow Pets.  Here is another void that needs to be filled.  There are less choices for people with pets and you can get your vacancy rate will be lower if you consider pets.  If you consider multiple pet households, you can command a higher security deposit and ask for a higher rent also.  Usually $10-50 per pet more a month.  These people are VERY strapped with choices.  Check with a lawyer and your insurance company for breeds you should allow and liability.  Many insurance companies have labeled certain breeds and will not allow coverage if those breeds are in the household.
• Put in a Pool.  Pool homes are in high demand from March through July and can sometimes command 10-30% more rent than market rates.  Make sure you check with your property management company & accountant to see if the cost will bring in positive cash flow.  Also check with your insurance company and an attorney for liability purposes.
• Get Approved for Section 8.  There are VERY little single family units on the market that allow section 8.  
• Furnish the Unit:  Furnishing a unit and allowing a month to month tenancy will perhaps bring you the highest return along with higher security deposits.
• Consider less than perfect credit.  Right now landlords have the pick of the litter when it comes to tenants.  Why not consider less than perfect credit and at the same time require 3-4 months rent as security deposit?  The key to making it work is the higher security deposit.  If things start going south, you will have more than enough time to evict and still be making money.
• Improvements:  A highly upgraded home will only rent quicker while not necessarily bring in a higher rent value.  When doing improvements to the home make sure they are done with materials that will make a quicker & less expensive tenant turn over rehab rather than providing aesthetic value.  For example:  Replace carpet with a more durable yet aesthetically pleasing flooring like laminate (faux wood) or tile.  Replace grass with a more hardy desert landscaping.

Wednesday December 12 will be pet night w/ Santa at the newly opened Town Square Mall on Wednesday, Dec 12, 2007 from 6-9 PM.

The Location is 6605 Las Vegas BLVD South, LV, NV 89119

I will definitely be checking this one out!

Events Calendar for Town Square Mall

Kids Events

Retailer Events

A total of three auctions in 8 days!  There are still some REO properties listed as active but the banks and auction winners are still hammering out details.  I think we will easily get to the 500 pendings in the next two weeks that I was hoping for in the comments from last week's stats

Here are last week's stats. 

Here is what we are looking at currently with foreclosure listings:

• Listings (12/9/2007): 2175
• Under Contract (12/9/2007);  436
  
• Sold (11/1-30/2007):   207
• Month's Inventory: 10.5

Listings since the last report (12/2/2007) have risen by 67 units.  Pendings have risen by 59 units.  That's a HUGE one week jump!  Solds have decreased by 11 units.  Monthly absorption has gone up by a month.  With the rising pendings I am hoping to see rising sold inventory jump in the next month also therefore lowering monthly absorption provided listings do not go through the roof!

Average rents have decreased from last two months, median rents down also as we saw inventory rise yet absorption remained healthy.

Units Leased:

• November 2007:  1452
• October 2007:  1501
• November 2007:  1009

Average Monthly Rental Rates:

• November 2007:  $1493
• October 2007:  $1511
• November 2006:  $1254
  
• January 2007:  $1295

Median Monthly Rental Rates:

• November 2007:  $1200
• September 2007:  $1295
• November 2006:  $1195

Last Month's Report 

 While we saw an upward tick in Las Vegas New Construction units sold in October, we have a slight downward number of units sold in November.  There is barely any standing inventory to close. Building permits are up 99.8%.  This is good news because most major builders in town are pulling permits only when they have a contract from a buyer.

With that being told, I am expecting units sold to rise from late winter to spring & summer.  While the resale market still remains pitiful, new construction is moving along.  REO (foreclosed homes) prices are inching downward to compete with this market.

Las Vegas New Construction Units Sold:

• November 2007: 2643
• October 2007:  2752
• November 2006:  3006