The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year! Absorption for December 2008 is a healthy 7.0 months of inventory (compare it to 22.5 months inventory in Nov/Dec 2007!) Be warned, the market as a whole is considered a "neutral market" ~ not a buyer's market, not a seller's market. 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!
Here is a snapshot of valley listings:
(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
(June/July 2008) All SFR, Townhome, Condo Listings:
- Listings (7/15/2008): 20744
- Under Contract (7/15/2008): 7092
- Sold June 2008: 2588
- Month's Inventory: 8.0
(July/Aug 2008) All SFR, Townhome, Condo Listings:
- Listings (8/16/2008): 20559
- Under Contract (8/16/2008): 7070
- Sold July 2008: 3034
- Month's Inventory: 6.8
(August/Sept 2008) All SFR, Townhome, Condo Listings:
- Listings (10/5/2008): 20795
- Under Contract (10/5/2008): 6793
- Sold August 2008: 2893
- Month's Inventory: 7.2
(Sept/Oct 2008) All SFR, Townhome, Condo Listings:
- Listings (11/14/2008): 21540
- Under Contract (11/14/2008): 6414
- Sold September 2008: 3115
- Month's Inventory: 6.9
(Oct/Nov 2008) All SFR, Townhome, Condo Listings:
- Listings (11/14/2008): 21540
- Under Contract (11/14/2008): 6414
- Sold October 2008: 3084
- Month's Inventory: 7.0
(Nov/Dec 2008) All SFR, Townhome, Condo Listings:
- Listings (12/11/2008): 21715
- Under Contract (12/11/2008): 6320
- Sold November 2008: 2539
- Month's Inventory: 8.3
(Dec2008/Jan 2009) All SFR, Townhome, Condo Listings:
- Listings (1/12/2009): 21034
- Under Contract (1/12/2009): 6099
- Sold December 2008: 2900
- Month's Inventory: 7.0
Short Sales:
- 31% of Listings
- 10% of Sales
REO (Foreclosures, Bank Owned:)
- 38% of Listings
- 77% of Sales
In a Little Under One Month: Listings are up +175 units, pendings are down -94 units, closings are Down -545 units and absorption is down up slightly. Sales are expected to be slightly down during winter months. Much pending inventory was burned off due to Seller Assisted Down Payment Assistance ending. DOWN PAYMENT ASSISTANCE HAS NOT ENDED FOR FIRST TIME BUYERS, HOWEVER!!
If you are thinking about buying a home in the Las Vegas Area Please Call: 702-966-2494:
- Option 1 if you are a Buyer wanting to purchase a home.
- Option 3 if you are interested in Financing your home - (including down payment assistance for first time buyers)
- Option 0 if you are interested in selling your Las Vegas Area home.
- Option 4: Para español presione el cuatro.
Renee... you are putting together some really good reports. They even look pretty. ;o)
Jeff: That picture was taken from my cell and it ain't too shabby! THat's me in the backdrop ;)
Renee, great info for your clients. 7 months? Sweet. We're still running in the years here, although sales of REO's have really started the market moving again.
Hi Renee - another beauty in that chart you made!! I just love how you made yours look so cool, and they do add so much to the market reports, don't they?
From 22 months to 7 months - what a great improvement for your area! I'll be doing my year-end reports soon, and will be interested to see the full year comparisons in my market areas.
Ann
Renee
Absorption rates going down are a direct reflection of future growth. I love the graphic you have with the pie chart.
Sincerely
Tom Braatz
Renee - For being Vegas, it doesn't look as bad as what you read about in the news.
Maggie: That was our market (in years) prior to the REO frenzy!
Ann: Tag me when you get those done! I have been busy and unable to move around the rain much!
Tom: Yes, some don't get it. I like how absorption went down in a "dead" month!
Kevin: It is still bad in some submarkets and smokin hot in others!