Units under contract continue to rise in Las Vegas. Now at 6,910. That’s up nearly 150 in just 10 days, which equates to an annual rate of increase of about 75%.
You gotta love the editorial crew at the Las Vegas Review Journal. They are so committed to doom and gloom as a means to sell newspapers that they refer to the huge increase in pending sales published yesterday as a “glimmer”.
Further in the article, which started out as an AP newswire article, a Las Vegas realtor is quoted saying
“She’s working with 11 buyers; six months ago, she had one. “We’re having multiple offers on anything under $250,000. It’s kind of crazy. We’ve seen in excess of 70 offers on a property and it’s commonplace to see 10-plus”
This is a lot more than just a glimmer. I’d call this a beam of hope.
LVRJ hasn’t posted this online, so here’s the version from Sacramento, without the negative headline.
Today, the number of SFR homes under contract in either Pending or Contingent status rose above 6000 for the first time in….well…we don’t have records going back that long for this particular statistic. Suffice to say it has been a LONG time.
As a measure of the trend strength, note that just 3 weeks ago, this statistic was at only 5400. Also note that in that same 3 week period, 1236 single family residences closed (sold).
20 Day Snapshot:
The number of condominiums and single family homes under contract in Las Vegas (GLVAR type CON and SFR units in status P or C) jumped sharply from May 7, 2008 levels of 5,885 to 6,456 on May, 27, 2008. This is a 10% increase in less than three weeks.
1120 homes closed in that same time period, meaning that out of the 5,885 units in P or C status on May 7th, 19% closed in the last 20 days, and an additional 1691 new units went into contract.
The Las Vegas Review Journal reports that in April 217 condominiums and townhomes were sold. We decided to take a look at how that compares to the current backlog.
Currently, there are 352 condominiums and townhomes in contingent contract, and 362 in non-contingent “pending” contracts. That’s a total of 714. In other words, there are 3 TIMES AS MANY condominium/townhouses queued up for sale as closed in April.
This is a BIG increase in sales activity.