Listed to Sold Ratio Falls to 61% in Las Vegas

Bottom line, the market is still hot, but too many people are signing up for frustration.
In 2009, the ratio of single family homes listed to homes sold in Las Vegas was 67%.
It was only 38% in 2006 as the air went out, 24% in 2007 as they flashed the lights and told everyone the party was over, and 41% as cash buyers began to pick up the bargains. The Blue Light was definitely flashing last year as buyers bought everything in sight, with multiple offers on every bank owned property because inventory was the lowest (57,000 units in 2009) in four consecutive years of declining inventory.
So what's up with this - a listed to closed ratio so far in 2010 of only 61%?

Well, inventory is about the same as last year and sales, except for the past couple months, have been hanging in there. In the last two months, sales are down a little but remain at a very high and respectable rate. I think we are seeing the effect of short sales on the closing ratio of the market.

Have I mentioned that short sales don't close so good?

Well, now they are a substantial percentage of Las Vegas closings, but like the line to get into Pirates of the Caribbean where Disney hides all the ride-goers in waiting, there is a huge number of short sales in the cue.
As more and more of these heart breakers go into escrow on the promise that the banks will make the short sale closings more efficient, the listed-to-close ratio is beginning to show what a mirage this promise actually is, at least so far.

If you have a non-short sale house to sell, or if you want a house you can actually move into before the kids are out of college, call me. 702-285-4226

Traditional sellers are your best bet!

In Las Vegas, Pending to Close ratios for the past 30 days: Of 12,727 Short Sales IN Contract, 985 closed for a success ratio of only 7.7%!
Of 1958 Bank Owned properties in contract, 1004 (51%) closed. Private owners closed 882 of 1281 in escrow for a success ratio of 68.8%. The House Team has more tradional seller listings coming up. Call us!