Nevada Real Estate >> Las Vegas Real Estate Specialist: June 2009

Desert Shores May 2009 Real Estate Resale Market Report:

• Listings (6/15/2009):  79
• Under Contract (6/15/2009):  77
• Sold May 2009:  30
• Month's Inventory:  2.6

Last Month's Report

Click here for Most Recent Desert Shores Market Report

Click here for More Information on Desert Shores Lake Living.

If you are thinking about buying, renting or selling a Mountain's Edge Home Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase Mountain's Edge Property. (Varieties range from bank owned to new construction!) 
• Option 2 if you are a Renter wanting to rent a Mountain's Edge Home
• Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
• Option 0 if you would like to sell or rent out (property management) your Mountain's Edge home.
• Option 4:  Para español presione el cuatro.

The opinions expressed in this article are those of Renee Burrows and not necessarily those of NVRS.

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.

Silverado Ranch May 2009 Real Estate Resale Market Report:

• Listings (6/15/2009):  225
• Under Contract (6/15/2009):  219
• Sold May 2009:  59
• Month's Inventory:  3.8

Since last month:  Listings are DOWN -54, Pendings are UP +21, Sales are UP +26

Read Last Month's Report Here

 If you are thinking about buying, renting or selling a Silverado Ranch Home Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase Mountain's Edge Property. (Varieties range from bank owned to new construction!) 
• Option 2 if you are a Renter wanting to rent a Mountain's Edge Home
• Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
• Option 0 if you would like to sell or rent out (property management) your Mountain's Edge home.
• Option 4:  Para español presione el cuatro.

The opinions expressed in this article are those of Renee Burrows and not necessarily those of NVRS.

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.

These are incredible prices for a first visit and adjustment!  I started seeing Dr Wise in January or February for my Carpal Tunnel CTS or tendonitis which was severe.  He taught me techniques to work on the scar tissue at home.

I highly recommend that anyone who has pain in their arms due to CTS or Tendonitis (back and neck pain too!) to at least visit Dr Wise for a consultation and chiropractic adjustment.  Circulation in my hands has improved and the pain is now non-existant.  The improvements are life changing as I have been avoiding surgery and treatment for around a decade!  I am thinking about throwing away my splints and wrist bands :)

Please let Dr Wise know you found him through my blog :)  He is located conveniently off of the southern 215 Beltway and Rainbow

So buyers, are you sitting on the fence waiting for that 5 figure number of moratorium listings to be dumped on the Las Vegas Area market?  It's already started with Freddie and Fannie and thus far, we have absorbed it because buyer interest is so high!

The media keeps scaring people with big numbers:  boo!  Ten Thousand (10,000) is NOTHING and will be absorbed quickly (interest rates, economic and lending conditions willing!)  10,000 won't even bring our market out of a seller's market!

Today Hubble Smith reported in the LVRJ that there is between 20,000-30,000 homes that are rarin to go into foreclosure.  I say BRING IT ON so we can get some of these buyers into contract.  If we have 20,000 units dumped on our market overnight we can finally have a STABLE market.

This will not happen however:  Fannie and Freddie are doing rentbacks and selling in bulk to REITs.  If we are lucky, we could get another 10-15K units and it would still still remain a seller's market.

Our market is in dire need of sellable inventory.  We currently have less than 12700 units on the market, over half are unsellable because they are overpriced or short sales.  We are hovering at 13000 pending and contingent properties.  Right now we are looking at over 4000 closes for the month of June so if we had 22000-24000 units (after 9000-13000 units are thrown out there) on the market it would still be a seller's market.  Pendings are still rising at a phenomenal clip EVEN with all the closes and we didn't experience the traditional leveling in May.

REPEAT:  In a nutshell, our market can afford (currently) to have 9000-13000 units dumped on it overnight and it would still remain a seller's market.  Buyer interest is so high I know we could absorb it easily!

Buyers:  don't be a bench warmer!  Start practicing your swing and get in the game.  You never know when you will hit your homerun!

Call us today at 702-966-2494.  We will help direct you to some great pre-qualification sources and give you a buyer's consultation so you will be ready to submit your winning bid on the home of your dreams!

The rental sector has surprisingly remained stable throughout all this market turmoil!

Renters are becoming buyers finally as resale purchase prices drop and economic conditions in the valley are preventing high numbers of new incoming residents to move here.

Units Leased:

• May 2009:  1760
• April 2009:  1677
• March 2009:  1825
• February 2009:  1702
• January 2009:  1651
• December 2008:  1390
• November 2008:  1405
• October 2008:  1707
• September 2008:  1531
• August 2008:  1719
• July 2008:  1697
• June 2008 1564  

 Average Monthly Rental Rates:

• May 2009:  $1348
• April 2009:  $1348
• March 2009:  $1365
• February 2009:  $1419
• January 2009:  $2083
• December 2008:  $1594
• November 2008:  $1506
• October 2008:  $1393
• September 2008:  $1610
• August 2008:  $1464
• July 2008:  $1510
• June 2008:  $1503  

Median Monthly Rental Rates:

• May 2009:  $1200
• April 2009:  $1200
• March 2009:  $1200
• February 2009:  $1200
• January 2009:  $1200
• December 2008:  No Data
• November 2008:  $1250
• October 2008:  $1245
• September 2008:  $1250
• August 2008:  $1250
• July 2008:  $1250
• June 2008:  $1275

Absorption Rate is stable from last month and remains a Landlord's Market at 2.7 months of inventory in the Rental Sector for the Las Vegas Valley. 

How to check to see if the home you are renting is in default

Last Month's Report 

If you would like to rent a home in the Las Vegas Area please call 702-966-2494 and press option 2 to speak with a rental specialist.

If you own a home that needs to be rented out and would like to have a full time, licensed and permitted property manager contact you please fill out this form or call 702-966-2494 and press option 0

If you are a manager or decision maker in a Real Estate Investment Trust (REIT) and own some Las Vegas Area (Las Vegas, Henderson, North Las Vegas) Residential Real Estate ~ THIS POST IS FOR YOU!  If you have inventory that is not returning the ROI the trust projected or if vacancy rates are unusually high, you may want to consider listing the property soon!

Las Vegas Area Sellers are currently enjoying a seller's market with multiple offers and prices being driven up!  You may want to consider getting a comprehensive resale market report INCLUDING absorption reports for the property subdivision from Maria Jose Escudero and Renee Burrows of Burrows Group @ Nevada Realty Solutions!  It may just make sense if the property was purchased recently at a discount in bulk! 

Here are some absorption numbers and charts:

Short Sales have a very low probability of closing and they make up a majority of the inventory.  REO is not getting on the market due to:  bulk sales, rentbacks and moratoriums.  Here is your opportunity to see if the numbers make sense!  Buyer interest is at an all time high with interest rates so low and tax incentives so high for first time buyers!

Mountain's Edge May 2009 Real Estate Resale Market Report:

• Listings (6/15/2009):  214
• Under Contract (6/15/2009):  287
• Sold May 2009:  75
• Month's Inventory:  2.9

Last Month's Mountain's Edge Real Estate Market Report

Mountain's Edge is a newer community so many of the listings are short sales or bank owned.

If you are thinking about buying, renting or selling a Mountain's Edge Home Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase Mountain's Edge Property. (Varieties range from bank owned to new construction!) 
• Option 2 if you are a Renter wanting to rent a Mountain's Edge Home
• Option 3 if you are interested in Financing your Mountain's Edge Property (including down payment assistance for first time buyers)
• Option 0 if you would like to sell or rent out (property management) your Mountain's Edge home.
• Option 4:  Para español presione el cuatro.

The opinions expressed in this article are those of Renee Burrows and not necessarily those of NVRS.

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.

What a unique Las Vegas experience - a DIVE IN THE DESERT at Lake Mead!!

Beat the summer heat, explore the fish and ruins in Lake Mead and DO SOMETHING DIFFERENT!  While you are there, visit Hoover Dam (if you haven't already) and then stick around for a dinner cruise on a different charter! 

Another unique vacation idea would also involve renting a houseboat - I wonder if Captain Tim would be available to cruise you around one one of those?!?!?

Make a day of it and don't forget your sunscreen and water!

Diving is something I never even dreamed of exploring but Captain Tim (and his Lovely Wife Laura) are trying to push me into the deep end! 

Remember to always support local small businesses wherever you may be vacationing this summer!  They are the lifeblood of every community!

Summerlin May 2009 Real Estate Resale Market Report:

• Listings (6/15/2009):  755
• Under Contract (6/15/2009):  523
• Sold May 2009:  149
• Month's Inventory:  5.6

Absorption is slightly higher than Las Vegas Valley.

Since Last Month's Report:

• Listings DOWN -74 
• Pendings UP +38
• Sold Units UP +1

Last Month's Summerlin Report

Most Current Summerlin Market Report

If you are thinking about buying, renting or selling a Summerlin Home Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase Summerlin Property. (Varieties range from bank owned to new construction!) 
• Option 2 if you are a Renter wanting to rent a Summerlin Home
• Option 3 if you are interested in Financing your Summerlin Property (including down payment assistance for first time buyers)
• Option 0 if you would like to sell or rent out (property management) your Summerlin home.
• Option 4:  Para español presione el cuatro.

The opinions expressed in this article are those of Renee Burrows and not necessarily those of NVRS.

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.

Terms and Definitions for my Market Reports

Inventory has fallen dramatically since last report (-815 units), Pendings have dropped -412 units  Closing data is up at +33 units.   Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.  

REO sales accounted for 80% of all Las Vegas Area Valley resale closings in May 2009.  REO listings account for only 22.7% of total resale listings.

Multiple offers are streaming in as banks continue to lower to fire and auction sale prices.

Current Listed Bank Owned Statistics:

• Listings (6/15/2009): 2946
• Under Contract (6/15/2009): 6118
• Sold May 2009:  3147
• Absorption Rate:  0.9 Months (THATS LESS THAN ONE MONTH = VERY LITTLE INVENTORY)

View Last Month's Report Here  

To find the most recent report, click here

If you are thinking about buying an REO (Foreclosure or Bank Owned) property in the Las Vegas Area Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase REO Property.
• Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
• Option 4:  Para español presione el cuatro.

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed

The absorption rate for Las Vegas Valley Area Short Sales went down  for May 2009.  Absorption still remains high BUT is under the 2 year mark.  Solds have FINALLY gone from hovering the 200 unit mark and went over the 300 mark.  I see improvement in this sector! Inventory has decreased  (-639 units).  Pending units have increased by +1142 units.    Solds have decreased by -16 units.  Absorption down by 10.6 months

There are many reasons for the lack of closings in this market and it is outlined in this post. 

Short Sale Synopsis:

• Listings 6/15/2009: 5517
• Pending 6/15/2009: 5478
• Closed May 2009: 301
• Month's Inventory: 18.3 (=1.5 Years Inventory.)

Short Sales Currently Account for:

• 42.5% of All Las Vegas Valley Listings
• 7.6% of All Las Vegas Valley Sales
  

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 the most current Las Vegas Area Short Sale Report.

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

If you need to sell your home via a short sale by a proven short sale expert, you can either fill out the form on this page or you can call 702-966-2494 and press option 0.  If you would like to buy a short sale property you can call 702-966-2494 and press option 1 for a Realtor or option 3 for Financing Questions.  Be sure to ask about down payment assistance (zero down/100% loans) for first time buyers through grants and bonds! Para español presione el cuatro

The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year!  Absorption for May 2009 is a seller's market @ 3.3 months of inventory (compare it to 22.5 months inventory in Nov/Dec 2007!)   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! 

Here is a snapshot of valley listings:

(April/May 2008)  All SFR, Townhome, Condo Listings:

• Listings (5/13/2008):  21236
• Under Contract (5/13/2008):  6283
• Sold April 2008:  2063
• Month's Inventory:  10.3

(May/June 2008)  All SFR, Townhome, Condo Listings:

• Listings (6/12/2008):  20674
• Under Contract (6/12/2008):  6847
• Sold May 2008:  2418
• Month's Inventory:  8.6

(June/July 2008)  All SFR, Townhome, Condo Listings:

• Listings (7/15/2008):  20744
• Under Contract (7/15/2008):  7092
• Sold June 2008:  2588
• Month's Inventory:  8.0

(July/Aug 2008)  All SFR, Townhome, Condo Listings:

• Listings (8/16/2008):  20559
• Under Contract (8/16/2008):  7070
• Sold July 2008:  3034
• Month's Inventory:  6.8

(August/Sept 2008)  All SFR, Townhome, Condo Listings:

• Listings (10/5/2008):  20795
• Under Contract (10/5/2008):  6793
• Sold August 2008:  2893
• Month's Inventory:  7.2

(Sept/Oct 2008)  All SFR, Townhome, Condo Listings:

• Listings (11/14/2008):  21540
• Under Contract (11/14/2008):  6414
• Sold September 2008:  3115
• Month's Inventory:  6.9

(Oct/Nov 2008)  All SFR, Townhome, Condo Listings:

• Listings (11/14/2008):  21540
• Under Contract (11/14/2008):  6414
• Sold October 2008:  3084
• Month's Inventory:  7.0

(Nov/Dec 2008)  All SFR, Townhome, Condo Listings:

• Listings (12/11/2008):  21715
• Under Contract (12/11/2008):  6320
• Sold November 2008:  2539
• Month's Inventory:  8.3

(Dec2008/Jan 2009)  All SFR, Townhome, Condo Listings:

• Listings (1/12/2009):  21034
• Under Contract (1/12/2009):  6099
• Sold December 2008:  2900
• Month's Inventory:  7.0

(Jan/Feb 2009)  All SFR, Townhome, Condo Listings:

• Listings (2/15/2009):  20201
• Under Contract (2/15/2009):  7291
• Sold January 2008:  2620
• Month's Inventory:  7.7

(Feb/Mar 2009)  All SFR, Townhome, Condo Listings:

• Listings (3/25/2009):  19377
• Under Contract (3/25/2009):  8923
• Sold February 2009:  2678
• Month's Inventory:  7.2

(Mar/Apr 2009)  All SFR, Townhome, Condo Listings:

• Listings (4/14/2009):  17846
• Under Contract (4/14/2009):  10068
• Sold March 2009:  3525
• Month's Inventory:  5.1

(Apr/May 2009)  All SFR, Townhome, Condo Listings:

• Listings (5/15/2009):  14938
• Under Contract (5/15/2009):  11969
• Sold April 2009:  3871
• Month's Inventory:  3.9

(May/June 2009)  All SFR, Townhome, Condo Listings:

• Listings (6/15/2009):  12986
• Under Contract (6/15/2009):  12849
• Sold May 2009:  3937
• Month's Inventory:  3.3

Short Sales:

• 42.5% of Listings
• 7.6% of Sales

REO (Foreclosures, Bank Owned:)

• 22.7% of Listings
• 80% of Sales

The above breakdown shows how very few short sales are being closed and how little inventory is in the REO market currently.  We are hoping to have some more come online with the moratoriums ending March 31 but we still have to see that happen.  Maybe it will, maybe it won't.  It could be an avalanche of inventory or it may be a dud.  I will keep you informed all month long if I start seeing a rise in inventory!

In a Little Under One Month:  Listings are down -1942 units, pendings are up +880 units, closings are Up +66 units and absorption down down down.  Pending inventory is rising at a phenomenal pace.  Compare this to last year's pendings!!

 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

If you are thinking about buying a home in the Las Vegas Area Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase a home.
• Option 3 if you are interested in Financing your home - (including down payment assistance for first time buyers)
• Option 0 if you are interested in selling your Las Vegas Area home.
• Option 4:  Para español presione el cuatro.

This Rhodes Ranch Area resale market report:

• Active Listings (5/15/2009): 258
• Under Contract (5/15/2009): 325
• Sold April 2009:  94
• Months Inventory: 2.7

Rental Market Report:

• Active Listings (5/15/2009): 119
• Under Contract (5/15/2009): 20
• Leased April 2009:  65
• Months Inventory:  1.8

How to read my market reports (definitions and terms!)

Last Month's Market Report

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.

For More information & most current market report on the Rhodes Ranch Area:  http://www.livingatrhodesranch.com/

If you would like to buy, rent or sell a home in the Rhodes Ranch Area, please call 702-966-2494. 

702-966-2494 menu:

• Option 1:  Buyers wanting to purchase a Rhodes Ranch Area Home
• Option 2:  Renters wanting to rent a Rhodes Ranch Area Home
• Option 3:  Financing Questions for Rhodes Ranch Area Buyers - Ask about 100% loans for first time buyers!
• Option 0:  Sellers wanting to sell their home in the Rhodes Ranch Area:  We do have a short sale specialist (with a proven track record) and a full time licensed, permitted property manager if you need to rent out your Rhodes Ranch area home!
• Option 4:  Para español presione el cuatro.

Rentals:

• 306 Listed 5/15/2009
• 16 Under Contract 5/15/2009
• 63 Leased April 2009 
• 4.9 Months Inventory

Resales:

• 833 Listed 5/15/2009
• 84 Under Contract 5/15/2009
• 24 Closed April 2009
• 34.7 Months Inventory (=2.9 years)
  

This Market is extremely volatile due to the boutique nature and lack of financing.    Read last month's report here.

This report is compiled by using data from the GLVAR MLS. Data is gathered by the "VERTICAL" field and the "RESIDENTIAL" field using "CON" as subtype and  "HIGHRIS,LOFTLIV,PENTHSE" equals any for building description.  Information is deemed reliable but not guaranteed.

Read the most current market report for the Las Vegas High Rise Sector right here.

If you are thinking about buying or renting a high rise condominimum in the Las Vegas area, please call 702-966-2494.  Press 1 if you are a buyer or press 2 if you are a renter.  For financing options press option 3.  For selling or leasing/property management press option 0.  We will not list condos that have not yet closed with the builder or are not interested in contract reassignments.  Para español presione el cuatro.

Economic Conditions for the Las Vegas Valley May 2008

 Housing Conditions:

• Foreclosure/Short Sale Listings (5/15/2009): Total Listings 14938; Short Sales: 6156, 41.2% of all listings; Bank Owned Listings: 3761, 25.2% of all listings. Short sale and REO listings consume 66% of total listings
• New Home Sales (April 2009, units sold): 325 Year Change -56.6% (excl condo conversions, highrises)
• New Home Sales (April 2009, median price): $215,650 Year Change -15.6% (excl condo conversions, highrises)
• Existing Home Sales (April 2009, units sold): 3652 Year Change +62.5%
• Existing Home Sales (April 2009, median price): $130,000 Year Change: -43.5%
• New Home Permits (April 2009): 346 Year Change -51.3%
• Rental Rate (MLS Monthly Average April 2009): $1348/month 

My analysis:  Distressed listings (foreclosures and short sales) are 66% of total listings.  THIS IS DOWN FOR THE FIRST TIME THAT I HAVE BEEN KEEPING TRACK OF THESE STATS - SEVERAL YEARS!  Credit markets must be watched, interest rates are rising quickly too.  Resale sold units and pendings remain impressive.  Builders cannot compete with bank owned listing prices, thus sales remain lackluster. 

New Residents/Employment Conditions:

• New Residents (April 2009): 4770, Year Change -23.9%
• Total Employment (April 2009): 871,400 Year Change -5.9%
• Unemployment Rate (April 2009) 10.4%, Year Change +108%

My analysis: The tourism, gaming and convention numbers need to improve before these numbers improve.  New Resident Count will go down if no new jobs are created.  Unemployment rate is painful.

Tourism/Gaming Conditions:

• McCarran Airport Total Passengers (April 2009): 3,565,334 Year Change -5.9%
• Gaming Revenue (April 2009): $734,711,904, Year Change -13.6%
• Visitor Volume (April 2009): 3,497,132, Year Change -4.7%
• Convention Attendance (April 2009): 414,764, Year Change  -23%
• Hotel/Motel Occupancy (April 2009): 88% Year Change -2.2%

My analysis:   This sector (tourism) needs to see some serious price corrections before we see a comeback.  Corporate credit is not coming back any time soon.  It will be hard to get convention attendance back up without corporate credit.  Glad to see regular tourists are making their way here with the imbalance of the other numbers to replace the convention attendee numbers.  Gaming and convention business is big business and those numbers MUST increase.

Sources: Salestraq, Home Builder's Research, Greater Las Vegas Association of Realtors, Nevada State Gaming Control Board, Nevada Department of Motor Vehicles, McCarran International Airport, Las Vegas Convention & Visitor's Authority, Nevada Department of Employment, Training and Rehabilitation.  Information deemed reliable but not guaranteed.  My analysis is my humble opinion.

The rental sector has surprisingly remained stable throughout all this market turmoil!

Renters are becoming buyers finally as resale purchase prices drop and economic conditions in the valley are preventing high numbers of new incoming residents to move here.

Units Leased:

• April 2009:  1677
• March 2009:  1825
• February 2009:  1702
• January 2009:  1651
• December 2008:  1390
• November 2008:  1405
• October 2008:  1707
• September 2008:  1531
• August 2008:  1719
• July 2008:  1697
• June 2008 1564
• May 2008:  1554
• April 2008:  1536
• March 2008:  1531 
• February 2008:  1632 
• January 2008:  1500 

 Average Monthly Rental Rates:

• April 2009:  $1348
• March 2009:  $1365
• February 2009:  $1419
• January 2009:  $2083
• December 2008:  $1594
• November 2008:  $1506
• October 2008:  $1393
• September 2008:  $1610
• August 2008:  $1464
• July 2008:  $1510
• June 2008:  $1503
• May 2008:  $1483
• April 2008:  $1467

Median Monthly Rental Rates:

• April 2009:  $1200
• March 2009:  $1200
• February 2009:  $1200
• January 2009:  $1200
• December 2008:  No Data
• November 2008:  $1250
• October 2008:  $1245
• September 2008:  $1250
• August 2008:  $1250
• July 2008:  $1250
• June 2008:  $1275
• May 2008:  $1250
• April 2008:  $1250  

Absorption Rate is stable from last month and remains a Landlord's Market at 2.8 months of inventory in the Rental Sector for the Las Vegas Valley. 

How to check to see if the home you are renting is in default

Last Month's Report 

If you would like to rent a home in the Las Vegas Area please call 702-966-2494 and press option 2 to speak with a rental specialist.

If you own a home that needs to be rented out and would like to have a full time, licensed and permitted property manager contact you please fill out this form or call 702-966-2494 and press option 0

I found this petition on another blog.  Please read and sign ESPECIALLY if you have been effected by:

• low appraisals
• inaccurate information (such as utilities off when they are on)
• crazy repairs (outside of the norm)
• timeframes for returning reports are inadequate
• deadlines for reports are being missed (by a long shot!)

Some of the above bullet points are KILLING deals and buyers are being charged per diem just to wait on appraisals and re-inspections.  Sellers are losing money from longer closes because of holding costs.

MAKE SURE YOU LEAVE SPECIFIC COMMENTS!  There is a place that you can tell your story!  Let's DO IT!

Here's a Mini In Between Market Report For You!  I usually pull numbers mid month so for those that are curious here we go:

Las Vegas Is Currently Enjoying a Seller's Market!

• •·         Very Little Inventory
• •·         Multiple Agents w/ Buyers at a Single 15 Min Showing
• •·         Multiple Contracts Are Being Received on Each Property

Where is the Inventory?

• Moratoriums Ending 3/31/2009
• Potential REO Being Purchased as Cash Only Transactions at Trustee Sales
• Fannie/Freddie Renting Back To Tenants Foreclosed on
• Short Sales Being Approved (looking for stagnant closed numbers to double or triple in June/July)
• Loan Mods  Reportedly Happening
• Seeing a Slight Trickle of Fannie Inventory Hitting the Market, Nothing too Promising!

Comparison Since Jan/Feb 2009.  Listing & Pending departures from 2/15/2009 and 6/1/2009.  Sales Departures from Jan 2009 and May 2009.  MAY NUMBERS ARE NOT FINALIZED!

Entire Las Vegas Valley:

• •·         Listings DOWN -6374
• •·         Pendings UP +5017
• •·         Sales UP +1139

Short Sales:

• •·         Listings DOWN -924
• •·         Pendings UP +2580
• •·         Sales UP +70

REO:

• •·         Listings DOWN -4244
• •·         Pendings UP +1931
• •·         Sales UP +823

Will we see inventory hit the market?

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