The listed versus sold ratio for 2010 is down slightly from last year standing at 59%, still very respectable. For 2009 the ratio wrapped up at 65%. Both years are well above the three previous years.
We should note that November home sales stood at 2777 units, well above October’s 2599, and just below the 2800 levels of August and September. November traditionally falls below October and it is December that can show an uptick. So, at the moment, sales are strong.
Resale home Listings at 3973 are below at the lowest level for the year and the lowest in November in the past 5 years. Listings were at 5589 in October. This could be the result of the recent foreclosure moratorium putting a dip in the number of homes coming to market.
For the moment, this could an opportunity for traditional sellers. Many buyers are tired of dealing with REO's and losing short sale transactions to foreclosure after investing months of time.
Unless we have huge December sales, we should end 2010 with less than the 47,000 closings of all types that we did in 2009. That number, 47K, was well above 2006-7-8.
Also, for 2010, the average price of a Las Vegas home is standing at about $167,000, down about $3000 from 2009.
What does this mean? I think it means “not much change yet.”
If Freddie and Fannie begin to force banks to buy back the bad loans, or if Congress takes away all or part of the mortgage interest tax deduction, then we will see what we will see.
What do you think?
Happy Holidays.
Grant
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