I am tired of objections. This chart should be like a 2 year old playing hide and go seek and hiding OBVIOUSLY OUT IN THE OPEN!
There are too many fallacies out on the blogosphere. Lots of amateurs who think they know what is going on here. Can you see it in the chart?
- Where is the inventory? It's here, just pending.
- When are they going to release the moratorium inventory? It has been getting released since late spring and it's pending.
- Why can't I get that house? It's pending!
- But I search :insert favorite site here: and I see thousands upon thousands of listings! Guess what? It's pending!
- I need my first time buyer tax credit, why can't you get me a house by November 1? Because you are competing with 50 other buyers for the same house for two weeks before IT GOES PENDING!
I can't tell you how much fun it is PENDING in the trenches of Las Vegas Real Estate.
If you are trying to search for Las Vegas Homes on :insert your favorite search site here: you may be viewing stuff that is PENDING. To get the most accurate results you can search (registration and hassle free) RIGHT HERE AND if it says "CONTINGENT OFFER" OR "PENDING OFFER", HELLO!!! It's PENDING! (Oh and if it says Active - Exclusive Right, it may just have multiple offers on it!)
If you want to see what's going on - from someone in the trenches - in the Las Vegas Real Estate Market, you can also sign up for my RSS & Twitter Feeds for the most current market reports.
Yep Renee, it looks like the Las Vegas Real Estate Market is hiding in the same place as the California Real Estate Market. Frankly, I am getting a little tired of being a "full time volunteer" dressed up as a Realtor. The checks are farther and farther apart!
Yup yup yup! Reality check time for those who keep thinking it's a buyer's market!
Great post AND I love those graphs!!!! :)
I also love that we are 'just a hair' (months max) behind our Vegas and LA neighbors in terms of market. The grinder buyers can stay home or get real!
Keisha: F~R~U~S~T~R~A~T~I~N~G!!
You guys are so right... ya what she said!
Renee:
You are great!
The rest of my comment is "pending".
Richard
Renee It can be really frustrating when your buyer loose out on a property. Glad to here your market had shifted and the inventory is disappearing
Renee, I love the new graphics, mine is pending.
Hi Renee..I love it when you're Cheeky :O))
You are so good with the charts, graphs, etc. And can some of the reduction have to do with the shorts either going to foreclosure (and being sold)
Renee, what an excellent post and I always enjoy the way you are able to make a chart pop and your personal input makes it so much better! Hope all is well, I have enjoyed following your adventures on Facebook!
Hi Renee,
As always great information delivered in your ineffable style.
Sharon
Renee - Whenever I am truly trying to determine available inventory, I always remove the pendings. Some people disagree with me, and I always do pull the pending numbers and provide them as well, but...
Like you say in your post, in our market we usually have 450-500 listings and 80-100 additional 'pending' properties. We have been holding steady at 80-120 pendings for 8 months. With 40-60 sales per month, that means there's several homes that are just NEVER closing. I find it's SO misleading...
Candice: We have been a "Seller's Market" sometime between Mid April-Mid May (I pull stats mid month!) I hear ya on the grinders!
Linda: LOL I like that phrase "what she said" and use it quite often IRL
Richard: LMAO about "pending" comment
Jennifer: Buyers, especially FHA financed buyers, are feeling frustration like you wouldn't believe!
Debbie: HAHA! I got your message in another blog post. I will explain the potential problem in an email!
Fred: LOL!
Carla: You can see my comment below to Christianne. Most of the pendings are shorts!
Russell: Thanks :blush:
Sharon: Why thanks! I am humbled by that remark!
Christianne: I do NOT disagree with you at all, you are correct in your assessments!
The reason why I wanted to show pendings here is that there are incorrect statements in the national media and all over the blogosphere that there will be a huge waterfall of inventory. When, in fact, that moratorium inventory has been getting released since late spring. It's just a little "invisible" when it is in pending or contingent status.
When you add up the inventory numbers - they are just about the same pre-moratorium (around Thanksgiving '08). Back in the olden days our 30 day closes were about a 50-60% ratio. Now 60 day closes are hovering in the 30's% mark! I think that is mainly due to two major contributing factors:
When you look at the sub markets, REO has a pretty decent close ratio and above 50%. There is almost no inventory in that department (getting snatched up as quick as it comes out) with less than 1 month of inventory. The dismal short sale 60 day close ratio (10% currently) is diluting the numbers - big time.
Great post Renee, as always. Great to see your numbers increasing.....
Barbara: Thanks! Hope you got my email :wink: