Las Vegas NV Residential Real Estate still has a long way to go BUT with listings down since December and pendings up, it shows the market is M-O-V-I-N-G!!
Using statistics from my December Slice-of-Pie reports here is the good news:
All SFR, Townhome, Condo Listings:
- Listings (12/9/2007): 25691
- Under Contract (12/9/2007): 2304
- Sold November: 1137
- Month's Inventory: 22.5
All SFR, Townhome, Condo Listings:
- Listings (2/10/2008): 23665
- Under Contract (2/10/2008): 3107
- Sold January 2008: 1164
- Month's Inventory: 20.3
This is pretty good news as I watched the pendings stay stable throughout the first several weeks of January. They just started to spike towards the end of January/ beginning of February. The closings will not be reflected until end of February/March. The listings going downward is also good news because traditionally you see listings go down in December and up in January rather than the opposite.
I will be posting my foreclosure report a little later today. The bank owned listing market has swung into a seller's market.
Of those 3107 pendings, 857 are bank owned listings and 492 are short sales. The short sales are not seeing a spike in closings and I really WISH agents would not put them into pending or contingent status until they have full bank approval so we can gauge the real numbers.
We still need to see a decent rise in closings and see inventory cut in half before we have a truly balanced market but I do see the signs :wink:
Hey Renee - that IS good news. Will be interesting to see what happens in the next few months, especially with the interest rates where they.
Jeff
Renee, The numbers still indicate a Buyer's Market. That's your best news.
Bill Roberts
Renee,
Great report showing that your numbers are beginning to turn around. It looks like the under contract numbers for 08 are really getting healthy.
Who were you "winking" at? Ha I'll bet you there is a line a mile long hoping it is them.
Renee:
Sounds like the news may be getting better. Good post. Thanks for the update. Maybe this is good news for us. Yea. Knock on wood.