ABSORPTION continues the slow downward track! Down 1.7 months from last month. Current absorption is hovering between 8-9 months of inventory. Stabilization is coming into the picture!
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
(May/June 2008) All SFR, Townhome, Condo Listings:
- Listings (6/12/2008): 20674
- Under Contract (6/12/2008): 6847
- Sold May 2008: 2418
- Month's Inventory: 8.6
In a Little Under One Month: Listings are down 564 units, pendings are up 564 units, closings are up 355 units and absorption is down 1.7 months. We are only seeing a 44% 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!
Last Month's Report
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great post renee...thanks for the info
Renee,
Great information...good to hear some good news!
Thanks,
Tom Davis
World Class Delaware Realtor
Good post with solid stats & information!
Good news for investors....
I hope things work out. Half of my pendings are not closing. Now it is even harder to get financing. Good luck to us all.
Steve: You are Most welcome!
Tom: It is always great to see the rise of a solid market!
Lyn: Thanks!
Jack: Very good news!
Michael: The pending to close rate is not good here because of the short sales. The REO sector enjoys a pend to close rate of over 50%!
I just love graphs! This makes it so much easier to see how our market is coming around and won't be long before the press can say the Las Vegas Real Estate Market is doing very well and they won't write any more doom and gloom stories!
Tony: Bet you thought it was crazy when you wrote your "30 offers on a listing" post. What about now?!? LOL!