Nevada Real Estate >> Las Vegas Real Estate Specialist: Nevada: Las Vegas: Ambiance Southwest

Las Vegas, NV Area November 2008 Area Pendings Report: Absorption Up Slightly

Las Vegas Area Real Estate Pendings Report

The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year!  Absorption for December 2008 is a healthy 8.6 months of inventory (compare it to 22.5 months inventory in Nov/Dec 2007!)  Be warned, the market as a whole is considered a "neutral market" ~ not a buyer's market, not a seller's market.  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:

(Nov/Dec 2007)  All SFR, Townhome, Condo Listings:

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

(Jan/Feb 2008)  All SFR, Townhome, Condo Listings:

  • Listings (2/10/2008):  23665
  • Under Contract (2/10/2008):  3107
  • Sold January 2008:  1164
  • Month's Inventory:  20.3

(Feb/Mar 2008)  All SFR, Townhome, Condo Listings:

  • Listings (3/20/2008):  22,644
  • Under Contract (3/20/2008):  4516
  • Sold February 2008:  1318
  • Month's Inventory:  17.2

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

  • Listings (4/16/2008):  21983
  • Under Contract (4/16/2008):  5390   
  • Sold March 2008:  1747
  • Month's Inventory:  12.6 

(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

Short Sales:

  • 31% of Listings
  • 9.7% of Sales

REO (Foreclosures, Bank Owned:)

  • 35.9% of Listings
  • 76.6% of Sales

In a Little Under One Month:  Listings are up +175 units, pendings are down -94 units, closings are Down -545 units and absorption is down up slightly.  Sales are expected to be slightly down during winter months. Much pending inventory was burned off due to Seller Assisted Down Payment Assistance ending.  DOWN PAYMENT ASSISTANCE HAS NOT ENDED FOR FIRST TIME BUYERS, HOWEVER!!

Last Month's 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.

 


Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

copyright 2006-2013 Renee Burrows, REALTOR®, Savvy Home Realty Solutions  702-966-2494

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Comment balloon 0 commentsRenée Burrows • December 11 2008 06:57PM
Las Vegas, NV Area November 2008 Area Pendings Report: Absorption Up…
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The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year! Absorption for December 2008 is a healthy 8. 6 months of inventory (compare it to 22. 5 months inventory in Nov/Dec 2007… more