What becomes of pending sales?

Today we begin a 90-day analysis of the current pending sales in our market in order to see what proportion result in a closed transaction. Longtime readers will recall that I have performed similar studies in the past — see 2010’s 90 days later and 2008’s Pendings Schmendings – 90 Days Later.

So we begin with observing 1,876 pending transactions as of this morning. These pending sales break down according to pending type as follows:

Pending type # %
Active-Pending Call 84 4.5%
Active-Pending Loan 256 13.6%
Active-Pending Home Sale 6 0.3%
Active-Pending Short Sale 1,206 64.3%
Pending-No Show 324 17.3%
Total 1,876 100.0%

source: NNRMLS – May 2012

These pendings breakdown according to sale type as follows:

Condition of Sale # %
None 324 17.3%
Short Sale 1,345 71.8%
Bank-owned 189 10.1%
Other (subject to court approval, relocation, other) 16 0.9%
Total 1,874 100.0%

source: NNRMLS – May 2012

We will revisit this set of pending properties in 30, 60 and 90 days to monitor their outcome.

In 2008’s Pending Schmendings – 90 Days Later post we found that two-thirds of the pending transactions (across all types) had resulted in a closed sale within 90 days. In 2010’s 90 days later post that percentage had fallen to 48%. In other words, less than half of the pending transactions had closed 90 days later.

What are your predictions for the outcome of todays pending transactions?

Note: The data in the tables above pertains to the cities of Reno, Nevada and Sparks, Nevada [NNRMLS Area #100]. Residential data includes Site/Stick Built properties only. Data excludes Condo/Townhouse, Manufactured/Modular and Shared Ownership properties. Data courtesy of the Northern Nevada Regional MLS – May 2012. This information is deemed reliable, but not guaranteed.

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About Guy Johnson

I am a licensed Nevada REALTOR® living and working in Reno, Nevada. Give me a call at 775-722-4011. My team and I will be happy to assist you with your real estate needs.
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One Response to What becomes of pending sales?

  1. Pingback: What becomes of pending sales? 30 days later | RRB Home

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