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 with very little 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 (5/15/2010): 9554
- Under Contract (5/15/2010): 16301
- Sold April 2010: 3598
- 43% of Listings
- 27% of Sales
REO (Foreclosures, Bank Owned:)
- 19% of Listings
- 45% of Sales
In One Month: Listings are UP +252 units, Contracted Listings UP +514, Sales are DOWN -235 units. Close ratios are going lower because much of the pending inventory is short sales which requires LONGER close times.