The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year! Absorption for May 2009 is a seller's market @ 3.3 months of inventory (compare it to 22.5 months inventory in Nov/Dec 2007!) 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:
(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
(Dec2008/Jan 2009) All SFR, Townhome, Condo Listings:
- Listings (1/12/2009): 21034
- Under Contract (1/12/2009): 6099
- Sold December 2008: 2900
- Month's Inventory: 7.0
(Jan/Feb 2009) All SFR, Townhome, Condo Listings:
- Listings (2/15/2009): 20201
- Under Contract (2/15/2009): 7291
- Sold January 2008: 2620
- Month's Inventory: 7.7
(Feb/Mar 2009) All SFR, Townhome, Condo Listings:
- Listings (3/25/2009): 19377
- Under Contract (3/25/2009): 8923
- Sold February 2009: 2678
- Month's Inventory: 7.2
(Mar/Apr 2009) All SFR, Townhome, Condo Listings:
- Listings (4/14/2009): 17846
- Under Contract (4/14/2009): 10068
- Sold March 2009: 3525
- Month's Inventory: 5.1
(Apr/May 2009) All SFR, Townhome, Condo Listings:
- Listings (5/15/2009): 14938
- Under Contract (5/15/2009): 11969
- Sold April 2009: 3871
- Month's Inventory: 3.9
(May/June 2009) All SFR, Townhome, Condo Listings:
- Listings (6/15/2009): 12986
- Under Contract (6/15/2009): 12849
- Sold May 2009: 3937
- Month's Inventory: 3.3
Short Sales:
- 42.5% of Listings
- 7.6% of Sales
REO (Foreclosures, Bank Owned:)
- 22.7% of Listings
- 80% of Sales
The above breakdown shows how very few short sales are being closed and how little inventory is in the REO market currently. We are hoping to have some more come online with the moratoriums ending March 31 but we still have to see that happen. Maybe it will, maybe it won't. It could be an avalanche of inventory or it may be a dud. I will keep you informed all month long if I start seeing a rise in inventory!
In a Little Under One Month: Listings are down -1942 units, pendings are up +880 units, closings are Up +66 units and absorption down down down. Pending inventory is rising at a phenomenal pace. Compare this to last year's pendings!!
DOWN PAYMENT ASSISTANCE HAS NOT ENDED FOR FIRST TIME BUYERS, HOWEVER!!
The Most Current REO (Foreclosure) Report
The Most Current Short Sale Report
The Most Current Las Vegas Area Pendings 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.
Looks like the market is moving in your area too.
best of luck to you
your friend in Charlottesville Virginia!
Renee:
I have my fingers crossed that our mortgage market holds up.
I am looking for a little reduction in rates here.
Richard
Renee, I've always loved how detaild your Market Reports are! You do an awesome job at making the information very easy to read and follow!
Charles: Thanks! The few agents left standing are working hard to burn off this market and get some buyers into some new homes!
Richard: I have fingers and toes crossed that our mtg market holds up!
Ray: That is so sweet, thank you so much for the complement and stopping by!