Leading Indicators Show Las Vegas Sales to Stay Strong through August!
Jul 28th, 2008 | By
Grant House) | Category: Las Vegas Real Estate News
Somebody ought to write a positive headline once in a while, especially when the Las Vegas closing numbers look good.
Pending Sales:
Pending sales for single family homes are above 2700 units today. Pending sales hovered around 2500 during May and 2600 in June and produced closings above 2000 units in each of those months. Contingent sales, another way of showing that a property is in contract, are above 3700 units today and have been all month. They were slightly lower at 3646 on the last day of June. (Photo from Las Vegas Realtor’s natural habitat courtesy of Barbara House.)
This bodes well for closing numbers in August.
Single Family Closings:
At this writing, with a few days to go in July, we have closed and posted 1821 single family closings to MLS so far. We’ve been averaging 65 closings per day, so a total of at least 2000 looks very possible.
Of course, these are comprised mostly of the lowest priced single family REO’s, but someone is buying them even with the more stringent loan requirements. And, the lowest of these listings are being bid up to the level of the market which, from what I see and hear on the street, is about $100/sq ft for the very best bargains.
I will give a more in-depth analysis when July is finally in the barn. Or, since this is Vegas, perhaps we should say “in the bar.” - GH
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