Las Vegas - Henderson - North Las Vegas Weekly MLS Statistics; week ended August 16, 2009
For the week just ended (August 16, 2009) there were 26,613 listings on the Greater Las Vegas Association of Realtors (GLVAR) Multiple Listing Service (MLS); up nearly 2% from the valley reached the last week of July (26,124 all product listings). The increase was across all product types with SFR and TWN increasing about 2%.
The supply of single family homes on the market is now standing at 20,978. Of those 11,805 or 56% are vacant. The percentage of vacancies is about where it was a year ago and seems to be temporarily stabilizing. There are 4,022 condominiums listed for sale with 65% vacant; and 65% of the 1,613 townhouses listed are vacant.
As of 11:00 a.m. the system had reported the weakest week since mid-April with 475 single family closings. Based upon a 4-week moving average of closings there are now 13 months supply of all product types listed for sale. This figure ususally increases during the next few days as agents remember to update their listings.
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If you take the single family listings and remove the 2,929 pending transactions but not the 8,240 contingent transactions there are 6.6 months of single family inventory on the market using an 8-week average of closed escrows. Of those 8,240 Contingent sales 66% are Short Sale listings and that is why we continue to count them in total supply as it is unlikely that more than 10% will successfully gain lender approval before the foreclosure department takes over.
Short Sale/REO Listings
For the week ended June 21: There are now 12,123 listings identified as short sales and 7,674 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 58% of all listings.
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Of the 6,057 single family residential REO listings 68% are under contract. For short sale SFR listings 61% are currently under contract. Of the 530 SFR closings for the week 72% were bank owned – percentage that holds relatively constant week-to-week.
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What to Expect?
At least for now, the single family market seems to have returned to a relatively normal seasonal sales pattern. If that pattern holds up, I would anticipate we will look back fondly at the end of July when inventory bottomed and closed escrows peaked – resulting in little more than a 6-month supply of homes to be absorbed. While the number of REO properties has been increasing for the last 3 months the number of REO properties sold had been pretty flat for several months.
So inventory overall is increasing, REO inventory should start to increase as sales across the board decline. Short sale listings, unless a turnaround in processing occurs, should start to translate into additional acquired REO properties. The rate of change and magnitude of these trends will determine if prices have stabilized or will increase the downward march.