MLS Sales Statistics - Las Vegas, Henderson, North Las Vegas, Clark County - week ended 8/23/2009
For the week just ended (August 23, 2009) there were 26,757 listings on the Greater Las Vegas Association of Realtors (GLVAR) Multiple Listing Service (MLS); up slightly more than 2.5% from the valley reached the last week of July (26,124 all product listings). The increase was across all product types with SFR experiencing the largest nominal weekly gain.
The supply of single family homes on the market is now standing at 21,103. Of those 12,301 or 58% are vacant. The percentage of vacancies is about where it was a year ago if the cycle repeats itself and the supply of REOs increases the percentage of vacant properties could get back to the mid-60% range. If the number of Short Sale listings continues to increase we could see those mid-60% numbers rise into the 70% range or higher.
There are 4,028 condominiums listed for sale with 67% vacant; and approximately 66% of the 1,626 townhouses listed are vacant.
As of 3:00 p.m. the system had reported a good week’s single family transactions with 636 single family closings. Based upon a 4-week moving average of closings there are now 10 months supply of all product types listed for sale.
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If you take the single family listings and remove the 2,960 pending transactions but not the 8,372 contingent transactions there are 6.5 months of single family inventory on the market using an 8-week average of closed escrows. Of those 8,372 Contingent sales 66.5% 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 August 23: There are now 12,281 listings identified as short sales and 7,676 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 – although REO listings appear to have hit a bottom for now.
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Of the 6,086 single family residential REO listings 68% are under contract. For short sale SFR listings 68% are currently under contract. Of the 636 SFR closings for the week 70% were bank owned – percentage that holds relatively constant week-to-week.
What to Expect?
The short term pattern of the last month seems to be holding 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 at the last week of July as the peak in closed escrows for the year. Continue to expect inventory to increase with the supply of short sale listings decreasing while the supply of REO listings to increase. The gap between the number of Trustee Deed sales (the end of the foreclosure process) and the number of already-Foreclosed properties sold continues to narrow. The pace of acquisitions currently outstrips sales approximately 11% versus 8%, respectively, for the month of July.
contact me with any questions or comments:
FrankNason@ResidentialResources.com