A Good Read!  Please visit Bill's original post to comment!

The Las Vegas Valley has seen some major market stabilization in the last half year.  Absorption for August 2008 is a healthy 6.8 months of inventory (compare it to 22.5 months inventory in Nov/Dec!)  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, 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

In a Little Under One Month:  Listings are down 185 units, pendings are down 22 units, closings are up 446 units and absorption is down 1.2 months.  We are only seeing a 42% 30 day pending to close ratio right now.  

Last month I expected the pendings to level off.  They did for a couple of weeks after my report and then seller assisted non profit down payment assistance w/ FHA loans was ended with a deadline:  October 1, 2008.  Since mid-month we have watched pendings to rise and there has been no interruption to the rise with the typical end of month closes.  Several lenders have called that buyers are to be in an accepted contract by August 29, 2008 in order to fund, close and record by September 30, 2008.

I do think September 2008 will be one of the best month's in the Las Vegas Valley for total units closed.  Pendings should decrease slightly with those units closing towards the end of September 2008.  GLVAR will be running a housing sale where participating homes will shave 10% off their listing price in October.  I expect pendings to remain level until this mid October event.  I do expect the pendings to rise slightly until the beginning of December.

Last Month's Report

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

I have to say there is a FLURRY of activity out there with buyers scrambling to secure a contract in the next week for their FHA seller assisted Down Payment Assistance (DPA or DAP.) 

I have been behind with getting my market reports out for this month due to it!

We are seeing multiple offers on below market priced listings and that has transferred to multiple offers on listings that are priced a little higher than what the market (and quite possibly an appraisal) can bear.

These buyers need to be in contract ASAP and signed, funded and recorded by Sept 30.

Can I go out on a limb with my crystal ball and say that September 2008 may be one of the best months (for units sold) in the Las Vegas Valley?

The conspiratorial side of me can't help but wonder if banks lobbied the DPA decision in the bill because they need to get rid of some inventory.

Things that make you say............HMMMMMMMMMMMMMMMMMMMMMMM

I feel better now, back to work :)

Rental units leased are still increasing year over year since 2006.  August is the hottest (literally and figuratively) rental month so we shall see if the trend continues the next two months!

Units Leased:

• July 2008:  1697
• June 2008 1564
• May 2008:  1554
• April 2008:  1536
• March 2008:  1531 
• February 2008:  1632 
• January 2008:  1500 
• December 2007:  1156 
  November 2007:  1452
  October 2007:  1501
  December 2006:  1052
• January 2007:  1262 

Average Monthly Rental Rates:

• July 2008:  $1510
• June 2008:  $1503
• May 2008:  $1483
• April 2008:  $1467
• March 2008:  1342 
• February 2008:  2788 
• January 2008:  $1500 
• December 2007:  $1531 
• November 2007:  $1493
• October 2007:  $1511
• January 2007:  $1295

Median Monthly Rental Rates:

• July 2008:  $1250
• June 2008:  $1275
• May 2008:  $1250
• April 2008:  $1250
• March 2008:  1200
• February 2008:  1200 
• January 2008:  $1200 
• December 2007:  $1295 
• November 2007:  $1200

Absorption Rate is stable from last month and remains a Landlord's Market at 2.3 months of inventory in the Rental Sector for the Las Vegas Valley. 

How to check to see if the home you are renting is in default

Last Month's Report 

If you would like to rent a home in the Las Vegas Area please call 702-966-2494 and press option 2 to speak with a rental specialist.

Bank Owned Las Vegas Listings (AKA Foreclosures, REOs) are enjoying a HOT SELLER'S MARKET!  Inventory has risen dramatically (+593 units), Pendings have risen DRAMATICALLY  (+306 units.) Closing data is up up UP at + 278 units.

Multiple offers are streaming in as banks continue to lower to fire and auction sale prices.

Current Listed Bank Owned Statistics:

• Listings (8/16/2007): 5226
• Under Contract (8/16/2007): 3802
• Sold 6/26-7/26/2008:  1958
  
• Absorption Rate:  2.7 Months

View Last Month's Report Here  

If you would like to buy a bank owned property call 702-966-2494, press option 1 and let us know what you are looking for.  We will set you up on a search to have the new listings emailed to you as soon as they hit the market!

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.

The absorption rate for Las Vegas Short Sales had a slight dip in July/August 2008.  Absorption still remains high and above the 2 year mark.  Inventory has risen dramatically (+510 units).  Pending units has also risen dramatically by +142 units.  Many under contract are no where near bank approval.  Solds have  increased by +53 units.  Maybe the banks are finally getting their act together to get these approved!

There are many reasons for the lack of closings in this market and it is outlined in this post. 

Short Sale Synopsis:

• Listings 8/16/2008: 6299
• Pending 8/16/2008: 2242
• Closed 6/26-7/26/2008: 233
• Month's Inventory: 27 (=2.3 Years Inventory.)
  

One thing you really need to consider when buying or selling short is to make sure the list agent is EXPERIENCED in this niche.  These deals are hard to pull whether it is or is not an experienced agent.

If you would like to talk about your options on selling your home short, please call 702-966-2494 and press option 0.  If you are a buyer and would like to attempt to purchase a short sale listing call 702-966-2494 and press option 1.  

Read here for last month's report on Las Vegas Area Short Sales.