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:
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•· Listings DOWN -6374
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•· Pendings UP +5017
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•· Sales UP +1139
Short Sales:
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•· Listings DOWN -924
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•· Pendings UP +2580
-
•· Sales UP +70
REO:
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•· Listings DOWN -4244
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•· Pendings UP +1931
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•· Sales UP +823
Will we see inventory hit the market?
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Renee:
Bravo!
Richard
Hi , Little wonder why you wanted to include this market report. The number are awesome and the market is showing what may be the recovery from having bottomed out. Maybe premature but any good news is welcome.
My your market has been on a wild ride for awhile!
It looks like you guys are busy in Las Vegas. Good news. Thanks for the report .
Liz
Hi Renee -- It's great to see some fantastic news, I know the LV market has been hard hit and it's fantastic to see it turning around again. :-)
I agree that your market has been on a very wild ride but this report looks like a good sign for at least some recovery! I sure hope so!
Great information. Clear, concise and love the graphs. Very easy to read.
Richard :curtsy:
William: I am seeing massive amounts of Freddie inventory come online and Fannie BPOs like you would not believe. Our buyer interest is so high that even with the inventory coming online, it is going offline just as quick. Inventory numbers continue to sink and pendings continue to rise. The pending numbers didn't even dip at the end of the month like they typically do!
Mary: Trust me, I want OFF this roller coaster as soon as possible!
Liz: You are welcome and busy is an understatement.
Chris: I hope buyer interest stays high to absorb all of the moratorium inventory in the next three to four months!
Russell: Lets cross our fingers and toes!
Connie: Why thank you!
There are some areas here that seem to have turned into seller's markets, especially the condo communities.