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