Las Vegas MLS Sales Statistics - Week ended July 26, 2009
For the week just ended (July 26, 2009) there were 26,467 listings on the Greater Las Vegas Association of Realtors (GLVAR) Multiple Listing Service (MLS); largely unchanged from last week but a slight tick up in the recent downward trend in active listings. The listing increase occurred in all product types. The total number of single family homes listed in the MLS now stands at 20,840. Of those 11,841 or 57% are vacant. The trend in vacant units is also downward. There are 4,047 condominiums listed for sale with 65.5% vacant; and 65% of the 1,580 townhouses listed are vacant.
As of 7:00 a.m. the system had reported another good week with 657 single family closings, 414 were REO properties. Based upon a 4-week moving average of closings there are now 10.8 months supply of all product types listed for sale.
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If you take the single family listings and remove the 2,957 pending transactions and the 7,904 contingent transactions there are 7.3 months of single family inventory on the market using an 8-week average of closings. The number of properties under contract, at 10,861, is the highest since I began tracking this figure although the largest component of those under contract are short sale listings. As we point out every week – less than 10% of the closed escrows in any given month are short sales, implying that another potential 10,000 foreclosures. One troubling piece of anecdotal information is that I am seeing and hearing of an increasing number of investors who are throwing in the towel and listing their investment properties as short sales, if rented, or having them foreclosed on when the tenant moves.
Short Sale/REO Listings
For the week ended July 26: There are now 11,709 listings identified as short sales and 7,920 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 over 56% of all listings.
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Of the 6,273 single family residential REO listings almost 70% are under contract. For short sale SFR listings 58% are currently under contract.
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