The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year! Absorption for November 2009 is a seller's market @ 2.7 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 (12/15/2009): 10332
- Under Contract (12/15/2009): 14136
- Sold November 2009: 3774
- Month's Inventory: 2.7
Short Sales:
- 43% of Listings
- 17% of Sales
REO (Foreclosures, Bank Owned:)
- 22% of Listings
- 63% 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 -61 units, pendings are DOWN -473 units, closings are DOWN -554 units. Close ratios are going lower because much of the pending inventory is short sales which requires LONGER close times.
DOWN PAYMENT ASSISTANCE HAS NOT ENDED FOR FIRST TIME BUYERS, HOWEVER!!
The Most Current REO (Foreclosure) Report
Renee...good news is always good news!
Love how you do your market reports! Look great and have great info!
Renee ~ this is truly amazing... I wonder if this is going to be a trend now?
Renee,
What a great recipe for the coming successes in the horizon.
Renee: interesting graphs you are offering for LV. The difference between numbers of sold and active listings is narrowing down very strongly. These are the signs we are looking for to show the market is changing and stabilizing and even though November dipped a bit its encouraging.
You wrote:
"The above breakdown shows how very few short sales are being closed"
Doesn't the consumer ever ask why????
Thom: Thanks!
Joan: Not sure, this market always has interesting trends: up, down, sideways. Dreaming for stability!
Tom: Hopefully soon :)
Lloyd: I have been keeping a close eye on Decembers numbers which are promising to beat Novembers numbers (weird this is slow season!)
Lenn: Believe it or not, no. Had a buyer call yesterday and I always ask "tell me what you know about short sales?" :silence: I direct them to my blog (have written in the past about short sales, maybe you are prompting me to write an update) and I explain verbally what they are.
Renee,
REOs being 63% of sales tells you all about the nature of this Las Vegas real estate market. A totally unique time period.