The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year! Absorption for January 2009 is a healthy 7.7 months of inventory (compare it to 22.5 months inventory in Nov/Dec 2007!) 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
(Jan/Feb 2009) All SFR, Townhome, Condo Listings:
- Listings (2/15/2009): 20201
- Under Contract (2/15/2009): 7291
- Sold January 2008: 2620
- Month's Inventory: 7.7
Short Sales:
- 36% of Listings
- 8% of Sales
REO (Foreclosures, Bank Owned:)
- 35% of Listings
- 82% of Sales
In a Little Over One Month: Listings are down -833 units, pendings are up +1192 units, closings are Down -280 units and absorption is up slightly. Sales are expected to be slightly down during winter months. Pending inventory is rising at a phenomenal pace. Compare this to last year's pendings!!
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 - Holy moly ! That is a lot of activity ! It sounds like you are participating in that as well which is great. I think we will start to see bits and pieces of this accelerated activity coast to coast. I still wish the "stimulus package" would have included a tax credit to ALL buyers but it is what it is. Great snapshot of your local market ! ~ Chris
Renee,
That's good info about your area, thank you for sharing.
Johnathan
Renee
Whats
the chance of doing a simulcast radio show between you, myself and another diverse broker? Cheppa,becuae the peeple sought me out. It will ne natural. Callme sometime.
Let me know
Tom
Wow ! What a difference geographic locations can make !
Good for you Renee ! Sounds like you are right in the thick of some great opportunities !
Multiple offers the norm for Reos, 7.7 months supply, wow ! Nice !
I wish you continued success Renee !
Cheers !
Sheldon
Looks like a pretty drastic improvement recently. Great news for you. Still watching for our market to improve significantly. ;-)
I'm also seeing a change in my area...less inventory but I'm not fully sure why...could be people taking their homes off the market or more going into foreclosure and then taken off the market to be repackaged.
Renee,
It sounds like REO's are driving the market? I know they are flying off the MLS in my market and of course lowering prices in their wake.
Hi Renee, just wanted to check in and see how things are going in your part of the world. After so many months of your market suffering, it's great news to have inventory beginning to move again. I hope that this keeps up no matter what the cause!
Renee:
I know you have been following some of my blogs. I think it is taking hold.
Another new thing happe last week, I am going to write a post about it tonight.
Jumbo's up to 4m at 6.5 % 0 points.
This is new and exciting!
Richard