The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year! Absorption for December 2009 is a seller's market @ 3.2 months of 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 a stabilization of 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 (2/15/2010): 10211
- Under Contract (2/15/2010): 14086
- Sold January 2010: 3148
- Month's Inventory: 3.2
- 47% of Listings
- 22% of Sales
REO (Foreclosures, Bank Owned:)
- 17% of Listings
- 60% 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 DOWN -213 units, Contracted Listings UP +845, Sales are DOWN - 987 units. December's sales were unusually high and January's numbers are still higher than last January. Close ratios are going lower because much of the pending inventory is short sales which requires LONGER close times.