ABSORPTION IS DOWN over 2.3 months in less than a month! Current absorption is hovering between 10-11 months of inventory. There has been a dip in average prices in the rental market. I think the renters are turning into buyers and when we should be seeing a seasonal rise in rentals, we saw a pretty good dip in units rented! Are the renters buying?
Here is a snapshot of valley listings:
(Nov/Dec 2007) All SFR, Townhome, Condo Listings:
- Listings (12/9/2007): 25691
- Under Contract (12/9/2007): 2304
- Sold November: 1137
- Month's Inventory: 22.5
(Jan/Feb 2008) 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
(Feb/Mar 2008) 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
(Mar/April 2008) All SFR, Townhome, Condo Listings:
- Listings (4/16/2008): 21983
- Under Contract (4/16/2008): 5390
- Sold March 2008: 1747
- Month's Inventory: 12.6
(April/May 2008) All SFR, Townhome, Condo Listings:
- Listings (5/13/2008): 21236
- Under Contract (5/13/2008): 6283
- Sold April 2008: 2063
- Month's Inventory: 10.3
In a Little Under One Month: Listings are down 747 units, pendings are up 893 units, closings are up 316 units and absorption is down 2.3 months. We are only seeing a 38% 30 day pending to close ratio right now. No doubt the FHA limits rising + prices dropping has helped stimilate our market and the pent up demand!
If you are looking to buy a home in the Las Vegas, Enterprise, Paradise, Henderson Area, please call us for a free buyer's representation consultation today at: 702-966-2494. Press option 1
Sounds like you're seeing some great activity. Good for you... hope all is well!
Good news on that market. BTW -- Your background is overpowering the screen.
Renee,
I funded two purchases today. Things are picking up all across the Southwest!
Mike in Tucson
Renee, This is a trend that we all want to see continue... It's good news!
Great home page Renee! Looks like your market is taking advantage of the spring revival!
great article renee!