There are currently over 11,000 contingent properties in the Las Vegas MLS at this very moment. That is absolutely incredible when you take into consideration that this time last year, that # was closer to 3,000. Why is the # so high? Simple, the majority of these contingent sales are all short sales waiting on bank approval.
Let’s put this # into context:
- Active properties in Las Vegas/Henderson Right this moment – Just over 11k
- Contingent properties in Las Vegas/Henderson Right this moment- About 11k
- Pending properties in Las Vegas/Henderson Right this moment – About 3500
14,500/25500 is your ratio = about 57%
This # at its lowest about 15 months ago was 8%
That’s one heck of an increase in a short amount of time.
Let’s not kid ourselves. Many of these contingent short sales will never close and end up going to back to the bank and becoming REO’s. However, in order for the market to progress, short sales and REO’s have got to start moving. This movement is what starts the push towards stability. Today’s #’s are extremely encouraging.