I thought we were going to cap off about a week and a half ago but we are still watching those pendings rise to the tune of 30-50 new pendings per day!
Currently our Las Vegas REO (bank owned, foreclosure) market has 4.5 months inventory and is definitely a seller's market. The MLS has added a new field one week ago for these types of listings, so my the numbers could be a little off and I will have to wait a couple of months before pulling numbers again. We are going to see another auction this coming Saturday. Most of the homes are expired listings so we won't see a major swing in the listed REO market. The only thing our market will gain is more attention (and it certainly has!!)
Here is a snapshot of valley listings:
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
All SFR, Townhome, Condo Listings:
- Listings (3/20/2008): 22,644
- Under Contract (3/20/2008): 4516
- Sold February 2008: 1318
- Month's Inventory: 17.2
In a Little Over One Month: Listings are down 1021 units, pendings are up 1409 units, closings are up 154 units and absorption is down three months. LET THE CLOSINGS BEGIN! This is amazing to watch the market turn in front of our eyes. No doubt the FHA limits rising + prices dropping has helped stimilate our market and the pent up demand!
Renee,
These stats are eye candy to agents and mortgage pros and anyone else involved in the valley's real estate market. If this momentum can sustain itself, more sunny days are ahead.
Renee,
I love your posts. They state the facts about a great market. Keep up the great work!
Greg: Yes, bank owned listings = seller's market! I love that!
Denise: I found that widget in someone else's blog. SInce it is new to me I must say I love it still too!
Esko: Cheers to us!
Ray: Thanks for stopping by! You are one of my cheerleaders that keeps me going!
Kris: I didn't stutter did I? LOL!!! Just funnin ya! It is turning quickly and in front of our eyes!
Renee:
Great post! So happy to see that the market is turning around.