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 @ 2.5 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 (1/15/2010): 10424
- Under Contract (1/15/2010): 13241
- Sold December 2009: 4135
- Month's Inventory: 2.5
- 45% of Listings
- 19% of Sales
REO (Foreclosures, Bank Owned:)
- 20% of Listings
- 61% 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 UP +92 units, pendings are DOWN -895 units, closings are UP +361 units. Close ratios are going lower because much of the pending inventory is short sales which requires LONGER close times.