Las Vegas Metro MLS Weekly Statistics - week ended July 19
For the week just ended (July 19, 2009) there were 26,336 listings on the Greater Las Vegas Association of Realtors (GLVAR) Multiple Listing Service (MLS); largely unchanged from last week but continuing a downward trend in active listings. The decline occurred in all product types. The supply of single family homes on the market is now standing at 20,754. Of those 11,801 or 57% are vacant. While still higher than prior to the boom the trend in vacant units is also downward. There are 4,037 condominiums listed for sale with 65.7% vacant; and 64.5% of the 1,545 townhouses listed are vacant. This downward trend in total inventory and in vacant properties, if it continues is definitely a positive sign.
As of 11:00 a.m. the system had reported another strong week with 657 single family closings. Based upon a 4-week moving average of closings there are now 9.3 months supply of all product types listed for sale.
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If you take the single family listings and remove the 2,929 pending transactions and the 7,765 contingent transactions there are 6.3 months of single family inventory on the market using an 8-week average of closings (we went from 4 to 8 weeks in the average to smooth out the graph and make it easier to see the trend). The number of properties under contract remains strong, although 53% of the contingent sales are short sale listings and as we point out every week – less than 10% of the closed escrows in any given month are short sales, implying that another 10,000 (an counting) foreclosures are in the pipeline
Short Sale/REO Listings
For the week ended July 19: There are now 11,580 listings identified as short sales and 7,940 listings that are characterized as REO (real estate owned).This continues the trend of decreasing percentage of REO and increasing percentage of short sale listings – now nearly 56% of all listings.
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Of the 6,307 single family residential REO listings almost 70% are under contract. For short sale SFR listings 58% are currently under contract. Of the 657 SFR closings for the week 72% were bank owned.
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