Las Vegas, NV Area November 2008 Area Pendings Report: Absorption Remains Stable!

The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year! Absorption for November 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:

(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

(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

In a Little Under One Month (two months, report is late!): Listings are up +745 units, pendings are down -379 units, closings are UP +222 units and absorption is down up slightly. NOTE: I was a month late in pulling these numbers. Pendings were hovering between 7200-7300 and exceeded 7300 a couple of days in mid September. Monthly activity for November is not available as October's statistics where one month late and pulled the same day. 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!!

Last Month's Report

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.

Burrows Group is proudly affiliated with and brokered by Nevada Realty Solutions, LLC. NVRS is one of the top listing and sale brokers for both REO and Short Sales. While we are not given preferential treatment for any in-house listings, we do have a distinct advantage when we work with REO and Short Sale buyers.

The opinions expressed in this article are those of Renee Burrows and not necessarily those of NVRS.