The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year! Absorption for August 2009 is a seller's market @ 2.8 months of inventory (slight rise from last month, seeing some micros inch up with 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!
Las Vegas Area Market Activity (Includes North Las Vegas, Henderson and Las Vegas)
- Listings (9/15/2009): 11018 (FOLKS THIS NUMBER DROPPED BELOW 11000 SINCE I PULLED STATS!)
- Under Contract (9/15/2009): 14577
- Sold August 2009: 3992
- Month's Inventory: 2.8
Short Sales:
- 43% of Listings
- 12% of Sales
REO (Foreclosures, Bank Owned:)
- 22% of Listings
- 72% 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 down -550 units, pendings are up +836 units, closings are Down -551 units. Close ratios are going lower because much of the pending inventory is short sales which requires LONGER close times. Pending inventories usually level late spring ~ FIRST TIME BUYERS WANT THEIR TAX CREDITS (must be in contract by Nov 1 and close by Dec 1) and INVESTORS ARE SEEING OPPORTUNITY!
DOWN PAYMENT ASSISTANCE HAS NOT ENDED FOR FIRST TIME BUYERS, HOWEVER!!
The Most Current REO (Foreclosure) Report
Renee
You are the graph queen! I love that comparable line graph.
Glad to see in your beautiful graphs that there are some positive things going on.
Renee, It looks like the undercontracts are passing up the listings. Love the graphs.
Renee - From what I have read Las Vegas was particularly a hard hit market so this is excellent news! Looks like you're going to be plenty busy.
Well done. Soon the long pendings will be reduced. Hopefully your good news will spread across the country. Sell on.......
Things are similar down here. August figures aren't out yet, but when they do arrive, I expect them to show that home sales have been up for 14 consecutive months and prices have been up or flat for 8 consecutive months. Most experts think that the bottom of the San Diego real estate market was sometime between December 2008 and March 2009.
Tom: The line graph really paints a clear and concise picture huh?
Susie: Buyer activity is HIGH!
Debbie: Yep! We turned into a seller's market in April/May
Nevin: We have been insanely busy! I feel sorry for financed buyers who are having a hard time getting in their homes!
Tim: I hope the long pendings come to a halt soon. Several of us felt a little change in the short sale wind this week. We hope this pans out!
Russel: We fell a bit in August but closes have been escalating at a very nice daily rate (and I hope this continues all month.) We should be around July's numbers in Sept.