So buyers, are you sitting on the fence waiting for that 5 figure number of moratorium listings to be dumped on the Las Vegas Area market?  It's already started with Freddie and Fannie and thus far, we have absorbed it because buyer interest is so high!

The media keeps scaring people with big numbers:  boo!  Ten Thousand (10,000) is NOTHING and will be absorbed quickly (interest rates, economic and lending conditions willing!)  10,000 won't even bring our market out of a seller's market!

Today Hubble Smith reported in the LVRJ that there is between 20,000-30,000 homes that are rarin to go into foreclosure.  I say BRING IT ON so we can get some of these buyers into contract.  If we have 20,000 units dumped on our market overnight we can finally have a STABLE market.

This will not happen however:  Fannie and Freddie are doing rentbacks and selling in bulk to REITs.  If we are lucky, we could get another 10-15K units and it would still still remain a seller's market.

Our market is in dire need of sellable inventory.  We currently have less than 12700 units on the market, over half are unsellable because they are overpriced or short sales.  We are hovering at 13000 pending and contingent properties.  Right now we are looking at over 4000 closes for the month of June so if we had 22000-24000 units (after 9000-13000 units are thrown out there) on the market it would still be a seller's market.  Pendings are still rising at a phenomenal clip EVEN with all the closes and we didn't experience the traditional leveling in May.

REPEAT:  In a nutshell, our market can afford (currently) to have 9000-13000 units dumped on it overnight and it would still remain a seller's market.  Buyer interest is so high I know we could absorb it easily!

Buyers:  don't be a bench warmer!  Start practicing your swing and get in the game.  You never know when you will hit your homerun!

Call us today at 702-966-2494.  We will help direct you to some great pre-qualification sources and give you a buyer's consultation so you will be ready to submit your winning bid on the home of your dreams!

If you are a manager or decision maker in a Real Estate Investment Trust (REIT) and own some Las Vegas Area (Las Vegas, Henderson, North Las Vegas) Residential Real Estate ~ THIS POST IS FOR YOU!  If you have inventory that is not returning the ROI the trust projected or if vacancy rates are unusually high, you may want to consider listing the property soon!

Las Vegas Area Sellers are currently enjoying a seller's market with multiple offers and prices being driven up!  You may want to consider getting a comprehensive resale market report INCLUDING absorption reports for the property subdivision from Maria Jose Escudero and Renee Burrows of Burrows Group @ Nevada Realty Solutions!  It may just make sense if the property was purchased recently at a discount in bulk! 

Here are some absorption numbers and charts:

Short Sales have a very low probability of closing and they make up a majority of the inventory.  REO is not getting on the market due to:  bulk sales, rentbacks and moratoriums.  Here is your opportunity to see if the numbers make sense!  Buyer interest is at an all time high with interest rates so low and tax incentives so high for first time buyers!

Mountain's Edge May 2009 Real Estate Resale Market Report:

• Listings (6/15/2009):  214
• Under Contract (6/15/2009):  287
• Sold May 2009:  75
• Month's Inventory:  2.9

Last Month's Mountain's Edge Real Estate Market Report

Mountain's Edge is a newer community so many of the listings are short sales or bank owned.

If you are thinking about buying, renting or selling a Mountain's Edge Home Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase Mountain's Edge Property. (Varieties range from bank owned to new construction!) 
• Option 2 if you are a Renter wanting to rent a Mountain's Edge Home
• Option 3 if you are interested in Financing your Mountain's Edge Property (including down payment assistance for first time buyers)
• Option 0 if you would like to sell or rent out (property management) your Mountain's Edge home.
• Option 4:  Para español presione el cuatro.

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

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 Valley Area Short Sales went down  for May 2009.  Absorption still remains high BUT is under the 2 year mark.  Solds have FINALLY gone from hovering the 200 unit mark and went over the 300 mark.  I see improvement in this sector! Inventory has decreased  (-639 units).  Pending units have increased by +1142 units.    Solds have decreased by -16 units.  Absorption down by 10.6 months

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

Short Sale Synopsis:

• Listings 6/15/2009: 5517
• Pending 6/15/2009: 5478
• Closed May 2009: 301
• Month's Inventory: 18.3 (=1.5 Years Inventory.)

Short Sales Currently Account for:

• 42.5% of All Las Vegas Valley Listings
• 7.6% of All Las Vegas Valley Sales
  

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.  

Read here for the most current Las Vegas Area Short Sale Report.

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

If you need to sell your home via a short sale by a proven short sale expert, you can either fill out the form on this page or you can call 702-966-2494 and press option 0.  If you would like to buy a short sale property you can call 702-966-2494 and press option 1 for a Realtor or option 3 for Financing Questions.  Be sure to ask about down payment assistance (zero down/100% loans) for first time buyers through grants and bonds! Para español presione el cuatro

The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year!  Absorption for May 2009 is a seller's market @ 3.3 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:

(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

(Feb/Mar 2009)  All SFR, Townhome, Condo Listings:

• Listings (3/25/2009):  19377
• Under Contract (3/25/2009):  8923
• Sold February 2009:  2678
• Month's Inventory:  7.2

(Mar/Apr 2009)  All SFR, Townhome, Condo Listings:

• Listings (4/14/2009):  17846
• Under Contract (4/14/2009):  10068
• Sold March 2009:  3525
• Month's Inventory:  5.1

(Apr/May 2009)  All SFR, Townhome, Condo Listings:

• Listings (5/15/2009):  14938
• Under Contract (5/15/2009):  11969
• Sold April 2009:  3871
• Month's Inventory:  3.9

(May/June 2009)  All SFR, Townhome, Condo Listings:

• Listings (6/15/2009):  12986
• Under Contract (6/15/2009):  12849
• Sold May 2009:  3937
• Month's Inventory:  3.3

Short Sales:

• 42.5% of Listings
• 7.6% of Sales

REO (Foreclosures, Bank Owned:)

• 22.7% of Listings
• 80% of Sales

The above breakdown shows how very few short sales are being closed and how little inventory is in the REO market currently.  We are hoping to have some more come online with the moratoriums ending March 31 but we still have to see that happen.  Maybe it will, maybe it won't.  It could be an avalanche of inventory or it may be a dud.  I will keep you informed all month long if I start seeing a rise in inventory!

In a Little Under One Month:  Listings are down -1942 units, pendings are up +880 units, closings are Up +66 units and absorption down down down.  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!!

Last Month's Pending Report

The Most Current REO (Foreclosure) Report

The Most Current Short Sale Report

The Most Current Las Vegas Area Pendings 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.

Economic Conditions for the Las Vegas Valley May 2008

 Housing Conditions:

• Foreclosure/Short Sale Listings (5/15/2009): Total Listings 14938; Short Sales: 6156, 41.2% of all listings; Bank Owned Listings: 3761, 25.2% of all listings. Short sale and REO listings consume 66% of total listings
• New Home Sales (April 2009, units sold): 325 Year Change -56.6% (excl condo conversions, highrises)
• New Home Sales (April 2009, median price): $215,650 Year Change -15.6% (excl condo conversions, highrises)
• Existing Home Sales (April 2009, units sold): 3652 Year Change +62.5%
• Existing Home Sales (April 2009, median price): $130,000 Year Change: -43.5%
• New Home Permits (April 2009): 346 Year Change -51.3%
• Rental Rate (MLS Monthly Average April 2009): $1348/month 

My analysis:  Distressed listings (foreclosures and short sales) are 66% of total listings.  THIS IS DOWN FOR THE FIRST TIME THAT I HAVE BEEN KEEPING TRACK OF THESE STATS - SEVERAL YEARS!  Credit markets must be watched, interest rates are rising quickly too.  Resale sold units and pendings remain impressive.  Builders cannot compete with bank owned listing prices, thus sales remain lackluster. 

New Residents/Employment Conditions:

• New Residents (April 2009): 4770, Year Change -23.9%
• Total Employment (April 2009): 871,400 Year Change -5.9%
• Unemployment Rate (April 2009) 10.4%, Year Change +108%

My analysis: The tourism, gaming and convention numbers need to improve before these numbers improve.  New Resident Count will go down if no new jobs are created.  Unemployment rate is painful.

Tourism/Gaming Conditions:

• McCarran Airport Total Passengers (April 2009): 3,565,334 Year Change -5.9%
• Gaming Revenue (April 2009): $734,711,904, Year Change -13.6%
• Visitor Volume (April 2009): 3,497,132, Year Change -4.7%
• Convention Attendance (April 2009): 414,764, Year Change  -23%
• Hotel/Motel Occupancy (April 2009): 88% Year Change -2.2%

My analysis:   This sector (tourism) needs to see some serious price corrections before we see a comeback.  Corporate credit is not coming back any time soon.  It will be hard to get convention attendance back up without corporate credit.  Glad to see regular tourists are making their way here with the imbalance of the other numbers to replace the convention attendee numbers.  Gaming and convention business is big business and those numbers MUST increase.

Sources: Salestraq, Home Builder's Research, Greater Las Vegas Association of Realtors, Nevada State Gaming Control Board, Nevada Department of Motor Vehicles, McCarran International Airport, Las Vegas Convention & Visitor's Authority, Nevada Department of Employment, Training and Rehabilitation.  Information deemed reliable but not guaranteed.  My analysis is my humble opinion.

Here's a Mini In Between Market Report For You!  I usually pull numbers mid month so for those that are curious here we go:

Las Vegas Is Currently Enjoying a Seller's Market!

• •·         Very Little Inventory
• •·         Multiple Agents w/ Buyers at a Single 15 Min Showing
• •·         Multiple Contracts Are Being Received on Each Property

Where is the Inventory?

• Moratoriums Ending 3/31/2009
• Potential REO Being Purchased as Cash Only Transactions at Trustee Sales
• Fannie/Freddie Renting Back To Tenants Foreclosed on
• Short Sales Being Approved (looking for stagnant closed numbers to double or triple in June/July)
• Loan Mods  Reportedly Happening
• Seeing a Slight Trickle of Fannie Inventory Hitting the Market, Nothing too Promising!

Comparison Since Jan/Feb 2009.  Listing & Pending departures from 2/15/2009 and 6/1/2009.  Sales Departures from Jan 2009 and May 2009.  MAY NUMBERS ARE NOT FINALIZED!

Entire Las Vegas Valley:

• •·         Listings DOWN -6374
• •·         Pendings UP +5017
• •·         Sales UP +1139

Short Sales:

• •·         Listings DOWN -924
• •·         Pendings UP +2580
• •·         Sales UP +70

REO:

• •·         Listings DOWN -4244
• •·         Pendings UP +1931
• •·         Sales UP +823

Will we see inventory hit the market?

????????????????????????????????

The absorption rate for Las Vegas Valley Area Short Sales went down  for April 2009.  Absorption still remains high BUT is under the 2 year mark.  Solds have FINALLY gone from hovering the 200 unit mark and went over the 300 mark.  I see improvement in this sector! Inventory has decreased  (-542 units).  Pending units have increased by +1010 units.    Solds have increased by a very nice +94 units.  Absorption down by 10.6 months

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

Short Sale Synopsis:

• Listings 5/15/2009: 5156
• Pending 5/15/2009: 4336
• Closed April 2009: 317
• Month's Inventory: 19.4 (=1.6 Years Inventory.)

Short Sales Currently Account for:

• 41.2% of All Las Vegas Valley Listings
• 8.2% of All Las Vegas Valley Sales
  

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.  

Read here for the most current Las Vegas Area Short Sale Report.

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

If you need to sell your home via a short sale by a proven short sale expert, you can either fill out the form on this page or you can call 702-966-2494 and press option 0.  If you would like to buy a short sale property you can call 702-966-2494 and press option 1 for a Realtor or option 3 for Financing Questions.  Be sure to ask about down payment assistance (zero down/100% loans) for first time buyers through grants and bonds! Para español presione el cuatro

The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year!  Absorption for April 2009 is a healthy 3.9 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:

(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

(Feb/Mar 2009)  All SFR, Townhome, Condo Listings:

• Listings (3/25/2009):  19377
• Under Contract (3/25/2009):  8923
• Sold February 2009:  2678
• Month's Inventory:  7.2

(Mar/Apr 2009)  All SFR, Townhome, Condo Listings:

• Listings (4/14/2009):  17846
• Under Contract (4/14/2009):  10068
• Sold March 2009:  3525
• Month's Inventory:  5.1

(Apr/May 2009)  All SFR, Townhome, Condo Listings:

• Listings (5/15/2009):  14938

• Under Contract (5/15/2009):  11969

• Sold April 2009:  3871

• Month's Inventory:  3.9

Short Sales:

• 41.2% of Listings
• 8.2% of Sales

REO (Foreclosures, Bank Owned:)

• 25.2% of Listings
• 80.4% of Sales

The above breakdown shows how very few short sales are being closed and how little inventory is in the REO market currently.  We are hoping to have some more come online with the moratoriums ending March 31 but we still have to see that happen.  Maybe it will, maybe it won't.  It could be an avalanche of inventory or it may be a dud.  I will keep you informed all month long if I start seeing a rise in inventory!

In a Little Under One Month:  Listings are down -2908 units, pendings are up +1901 units, closings are Up +346 units and absorption down down down.  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!!

Last Month's Pending Report

The Most Current REO (Foreclosure) Report

The Most Current Short Sale Report

The Most Current Las Vegas Area Pendings 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.

Economic Conditions for the Las Vegas Valley April 2008

 Housing Conditions:

• Foreclosure/Short Sale Listings (4/15/2009): Total Listings 17846; Short Sales: 6698, 37.5% of all listings; Bank Owned Listings: 5543, 32.9% of all listings. Short sale and REO listings consume 68.6% of total listings
• New Home Sales (March 2009, units sold): 466 Year Change -46.4% (excl condo conversions, highrises)
• New Home Sales (March 2009, median price): $228,030 Year Change -12.3% (excl condo conversions, highrises)
• Existing Home Sales (March 2009, units sold): 3220 Year Change +69.6%
• Existing Home Sales (March 2009, median price): $142,000 Year Change: -38.3%
• New Home Permits (March 2009): 233 Year Change -41%
• Rental Rate (MLS Monthly Average February 2009): $1365/month 

My analysis:  Distressed listings (foreclosures and short sales) are 68.6% of total listings.  Credit markets must be watched, it's hard to remain optimistic with all the bad news on Wall Street.  Resale sold units and pendings remain impressive.  Builders cannot compete with bank owned listing prices, thus sales remain lackluster. 

New Residents/Employment Conditions:

• New Residents (March 2009): 4770, Year Change -11.3%
• Total Employment (March 2009): 875,700 Year Change -5.2%
• Unemployment Rate (March 2009) 10.4%, Year Change +100%

My analysis: The tourism, gaming and convention numbers need to improve before these numbers improve.  New Resident Count will go down if no new jobs are created.  Unemployment rate is painful.

Tourism/Gaming Conditions:

• McCarran Airport Total Passengers (March 2009): 3,633,269 Year Change -11.8%
• Gaming Revenue (March 2009): $786,457,648, Year Change -9.8%
• Visitor Volume (March 2009): 3,549,864, Year Change -7.9%
• Convention Attendance (March 2009): 446,588, Year Change  -30%
• Hotel/Motel Occupancy (March 1009): 85.9% Year Change -6.8%

My analysis: Rising gas costs and flight cuts during the summer started hurting the tourism business.  This sector needs to see some serious price corrections before we see a comeback.  Corporate credit is not coming back any time soon.  Glad to see regular tourists are making their way here with the imbalance of the other numbers to replace the convention attendee numbers

Sources: Salestraq, Home Builder's Research, Greater Las Vegas Association of Realtors, Nevada State Gaming Control Board, Nevada Department of Motor Vehicles, McCarran International Airport, Las Vegas Convention & Visitor's Authority, Nevada Department of Employment, Training and Rehabilitation.  Information deemed reliable but not guaranteed.  My analysis is my humble opinion.

The absorption rate for Las Vegas Valley Area Short Sales went down slightly for March 2009.  Absorption still remains high and above the two year mark.  Inventory has decreased  (+135 units).  Pending units have increased by +500 units.    Solds have increased by a measely +13 units.  Absorption down by 2 months

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

Short Sale Synopsis:

• Listings 4/14/2009: 6698
• Pending 4/14/2009: 3326
• Closed March 2009: 223
• Month's Inventory: 30 (=2.5 Years Inventory.)

Short Sales Currently Account for:

• 37.5% of All Las Vegas Valley Listings
• 6.3% of All Las Vegas Valley Sales
  

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.  

Read here for the most current Las Vegas Area Short Sale Report.

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

If you need to sell your home via a short sale by a proven short sale expert, you can either fill out the form on this page or you can call 702-966-2494 and press option 0.  If you would like to buy a short sale property you can call 702-966-2494 and press option 1 for a Realtor or option 3 for Financing Questions.  Be sure to ask about down payment assistance (zero down/100% loans) for first time buyers through grants and bonds! Para español presione el cuatro

Right now our listing to pending ratio is narrowing.  We are swiftly switching from a stable (neutral) market to a seller's market in the next month.  

Yes, there may be some hidden "shadow" inventory with the moratoriums winding down.  Word on the street is that short sales are currently being accepted in a quicker manner.  Unfortunately this cannot be verified until we see some closes as there are inconsistencies about reporting the status of a short sale in the MLS.  

Loan modification specialists are also reporting that loan modifications are happening.  There is absolutely no solid way to track that number.  

Are the foreclosures coming to a halt or are we going to see an avalanche of new inventory hit the market soon?   No one can say.   

What we have are pendings rising at a record clip and inventory dropping rapidly with not much new stuff coming online.   Here is what the numbers looked like last week when I pulled them for my monthly report:

• Listings (4/14/2009):  17846
• Under Contract (4/14/2009):  10068
• Sold March 2009:  3525
• Month's Inventory:  5.1

Here they are today:

• Listings (4/23/2009):  16903
• Under Contract (4/23/2009):  10723
• Sold March 2009:  3523
• Month's Inventory:  4.8

Is pricing going to go up?  I don't think we will see LIST prices going up but SALE prices will be driven up from the intensity of multiple offer situations. 

Multiple offers have been common and the norm for over a year now on properly priced properties.  Now it is even more intense.   Banks base pricing on BPOs, CMAs or Appraisals (all are differently defined, they are not one in the same.)  Some banks will price to undercut the competition they see.   By doing plenty of BPOs myself, I could properly counsel my buyers that if a property had multiple offers that the net was going to go for between 3-5% above list price. 

Well we have had several buyers lose properties with bids between 15-20% above list in the last couple of weeks.  Basically until we see some closings come up under the recent conditions, there is no solid way for me to counsel on where to properly put that bid in to win and not overpay!   Some good strategies for getting a home (if you have a sense of urgency:)

• Continue to make appointments to see homes
• Make multiple offers on multiple properties
• Prey on the slightly overpriced listings that no one else is looking at
• Give short sales a whirl (even though these have a 20 foreclosures to one close ratio)
• It's always best to interview interview and interview Realtors to find the ones that are actively working this intense market!

  Writing multiple offers and continuing to pound the pavement by making more appointments to getting an offer accepted is the key to getting a home right now.  It's exhausting & you can't fall in love with one home.  Be prepared mentally to do this and don't get caught in a frenzy that will result in buyer's remorse!  

I do have access to a great tool for Home Buyers to track listings they are interested in called "Home Buyer's Scouting Report."  If you are interested please email us or call 702-966-2494 and say "I WANT THE HBSR" and we will get you signed up per your home search criteria.  Even if you are in just the beginning stages of looking, this is the perfect way to watch new listings come online and go offline!  You can even track price changes.  You can also email us at 411@reneeburrows.com to request the site!

Good luck with your home search and it's only "wait and see" where this thing is headed!  All of us active agents are bruised, battered and torn to shreds with all the market changes in the last two years.  At least I will be able to say I survived it in the end!

The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year!  Absorption for March 2009 is a healthy 5.1 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:

(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

(Feb/Mar 2009)  All SFR, Townhome, Condo Listings:

• Listings (3/25/2009):  19377
• Under Contract (3/25/2009):  8923
• Sold February 2009:  2678
• Month's Inventory:  7.2

(Mar/Apr 2009)  All SFR, Townhome, Condo Listings:

• Listings (4/14/2009):  17846
• Under Contract (4/14/2009):  10068
• Sold March 2009:  3525
• Month's Inventory:  5.1

Short Sales:

• 37.5% of Listings
• 6.3% of Sales

REO (Foreclosures, Bank Owned:)

• 32.9% of Listings
• 81.2% of Sales

In a Little Under One Month:  Listings are down -1491 units, pendings are up +1145 units, closings are Up +847 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!!

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.

Mountain's Edge February 2009 Real Estate Resale Market Report:

• Listings (4/14/2009):  326
• Under Contract (4/14/2009):  186
• Sold February 2009:  50
• Month's Inventory:  6.5

Last Month's Mountain's Edge Real Estate Market Report

Mountain's Edge is a newer community so many of the listings are short sales or bank owned.

If you are thinking about buying, renting or selling a Mountain's Edge Home Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase Mountain's Edge Property. (Varieties range from bank owned to new construction!) 
• Option 2 if you are a Renter wanting to rent a Mountain's Edge Home
• Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
• Option 0 if you would like to sell or rent out (property management) your Mountain's Edge home.
• Option 4:  Para español presione el cuatro.

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

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 Valley Area Short Sales went up slightly for February 2009.  Absorption still remains high and above the two year mark.  Inventory has increased subtly (+62 units).  Pending units have decreased nicely by -531 units.    Solds have increased by a measely +11 units.  Absorption up by 2 months

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

Short Sale Synopsis:

• Listings 3/25/2009: 6833
• Pending 3/25/2009: 2826
• Closed February 2009: 210
• Month's Inventory: 32.5 (=2.7 Years Inventory.)

Short Sales Currently Account for:

• 35.3% of All Las Vegas Valley Listings
• 7.8% of All Las Vegas Valley Sales
  

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.  

Read here for the most current Las Vegas Area Short Sale Report.

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

If you need to sell your home via a short sale by a proven short sale expert, you can either fill out the form on this page or you can call 702-966-2494 and press option 0.  If you would like to buy a short sale property you can call 702-966-2494 and press option 1 for a Realtor or option 3 for Financing Questions.  Be sure to ask about down payment assistance (zero down/100% loans) for first time buyers through grants and bonds! Para español presione el cuatro

The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year!  Absorption for February 2009 is a healthy 7.2 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:

(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

(Feb/Mar 2009)  All SFR, Townhome, Condo Listings:

• Listings (3/25/2009):  19377
• Under Contract (3/25/2009):  8923
• Sold February 2009:  2678
• Month's Inventory:  7.2

Short Sales:

• 35.3% of Listings
• 7.8% of Sales

REO (Foreclosures, Bank Owned:)

• 34% of Listings
• 81.9% of Sales

In a Little Over One Month:  Listings are down -824 units, pendings are up +1632 units, closings are Up +58 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!!

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.

Economic Conditions for the Las Vegas Valley December 2008

 Housing Conditions:

• Foreclosure/Short Sale Listings (3/25/2009): Total Listings 19377; Short Sales: 6833, 35.3% of all listings; Bank Owned Listings: 6642, 34% of all listings. Short sale and REO listings consume 70% of total listings
• New Home Sales (February 2009, units sold): 346 Year Change -56% (excl condo conversions, highrises)
• New Home Sales (February 2009, median price): $218,000 Year Change -20.1% (excl condo conversions, highrises)
• Existing Home Sales (February 2009, units sold): 2606 Year Change +70.4%
• Existing Home Sales (February 2009, median price): $145,000 Year Change: -38.3%
• New Home Permits (February 2009): 139 Year Change -64.5%
• Rental Rate (MLS Monthly Average February 2009): $1419/month 

My analysis:  Distressed listings (foreclosures and short sales) are 70% of total listings.  Credit markets must be watched, it's hard to remain optimistic with all the bad news on Wall Street.  Resale sold units and pendings remain impressive.  Builders cannot compete with bank owned listing prices, thus sales remain lackluster. 

New Residents/Employment Conditions:

• New Residents (March 2009): 4770, Year Change -11.3%
• Total Employment (February 2009): 880,000 Year Change -4.5%
• Unemployment Rate (February 2009) 10.1%, Year Change +98%

My analysis: The tourism, gaming and convention numbers need to improve before these numbers improve.  New Resident Count will go down if no new jobs are created.  Unemployment rate is painful.

Tourism/Gaming Conditions:

• McCarran Airport Total Passengers (February 2009): 3,036,715 Year Change -15.2%
• Gaming Revenue (February 2009): $710,601,181, Year Change -17.9%
• Visitor Volume (February 2009): 3,159,113, Year Change -9.6%
• Convention Attendance (February 2009): 583,168, Year Change  -9.6%
• Hotel/Motel Occupancy (February 1009): 83.9% Year Change -6.2%

My analysis: Rising gas costs and flight cuts during the summer started hurting the tourism business.  This sector needs to see some serious price corrections before we see a comeback.  Corporate credit is not coming back any time soon.

Sources: Salestraq, Home Builder's Research, Greater Las Vegas Association of Realtors, Nevada State Gaming Control Board, Nevada Department of Motor Vehicles, McCarran International Airport, Las Vegas Convention & Visitor's Authority, Nevada Department of Employment, Training and Rehabilitation.  Information deemed reliable but not guaranteed.  My analysis is my humble opinion.

This Rhodes Ranch Area resale market report:

• Active Listings (2/15/2009): 408
• Under Contract (2/15/2009): 174
• Sold January 2009:  69
• Months Inventory: 5.9
• Low:  $70000; High:  $699900; Median:  $186500(sold prices only)

Rental Market Report:

• Active Listings (2/15/2009): 121
  Under Contract (2/15/2009): 10
• Leased January 2009:  46
• Months Inventory:  2.6

Median Leased Price for an area rental:  $1200/month, Low:  $750, High:  $2995

Note:  The resale market is losing steam and swinging back into a balanced market.  The rental market is still a strong landlord's market.

How to read my market reports (definitions and terms!)

Last Month's Market Report

Includes: Apache Hills, Apache Springs (The Falls), Astoria Homes at Rhodes Ranch
(Independence), Canyon Trail, Huntington, Liberty @ Warm Springs, Maplewood, Rhodes
Ranch, Richmond@ Rhodes Ranch, Sierra Madre, Venezia, Vistana.

For More information & most current market report on the Rhodes Ranch Area:  http://www.livingatrhodesranch.com/

If you would like to buy, rent or sell a home in the Rhodes Ranch Area, please call 702-966-2494. 

702-966-2494 menu:

• Option 1:  Buyers wanting to purchase a Rhodes Ranch Area Home
• Option 2:  Renters wanting to rent a Rhodes Ranch Area Home
• Option 3:  Financing Questions for Rhodes Ranch Area Buyers - Ask about 100% loans for first time buyers!
• Option 0:  Sellers wanting to sell their home in the Rhodes Ranch Area:  We do have a short sale specialist (with a proven track record) and a full time licensed, permitted property manager if you need to rent out your Rhodes Ranch area home!
• Option 4:  Para español presione el cuatro.

Mountain's Edge January 2009 Real Estate Resale Market Report:

• Listings (2/15/2009):  334
• Under Contract (2/15/2009):  155
• Sold January 2009:  53
• Month's Inventory:  6.3

Last Month's Mountain's Edge Real Estate Market Report

Mountain's Edge is a newer community so many of the listings are short sales or bank owned.

If you are thinking about buying, renting or selling a Mountain's Edge Home Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase Mountain's Edge Property. (Varieties range from bank owned to new construction!) 
• Option 2 if you are a Renter wanting to rent a Mountain's Edge Home
• Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
• Option 0 if you would like to sell or rent out (property management) your Mountain's Edge home.
• Option 4:  Para español presione el cuatro.

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

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 Valley Area Short Sales went up slightly for January 2008.  Absorption still remains high and above the two year mark.  Inventory has increased sharply (+191units).  Pending units have increased sharply by +330 units.    Solds have  decreased by -221 units.  Absorption up by almost 9 months

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

Short Sale Synopsis:

• Listings 2/15/2008: 6771
• Pending 2/15/2008: 2295
• Closed January 2009: 221
• Month's Inventory: 30.6 (=2.5 Years Inventory.)

Short Sales Currently Account for:

• 33.5% of All Las Vegas Valley Listings
• 8.4% of All Las Vegas Valley Sales
  

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.  

Read here for the most current Las Vegas Area Short Sale Report.

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

If you need to sell your home via a short sale by a proven short sale expert, you can either fill out the form on this page or you can call 702-966-2494 and press option 0.  If you would like to buy a short sale property you can call 702-966-2494 and press option 1 for a Realtor or option 3 for Financing Questions.  Be sure to ask about down payment assistance (zero down/100% loans) for first time buyers through grants and bonds! Para español presione el cuatro