Sixty days ago I took a snapshot of the pending homes sales so that I could track their progress. Below find the current status of these 1,876 pending sales (from May 1, 2012) broken out by status type today:
| Status | May 1, 2012 | July 1, 2012 |
|---|---|---|
| Active-Pending Call | 4.5% | 1.1% |
| Active-Pending Loan | 13.6% | 2.2% |
| Active-Pending Home Sale | 0.3% | 0.1% |
| Active-Pending Short Sale | 64.3% | 39.0% |
| Pending-No Show | 17.3% | 6.8% |
| Sold | - | 43.3% |
| Active / Back on Market | - | 1.6% |
| Expired / Withdrawn | - | 5.9% |
| Total | 1,876 | 1,876 |
source: NNRMLS – July 2012
As can be seen in the table above, after sixty days:
- 43 percent of the pending sales have sold
- 1.6 percent have re-entered the market
- and 6 percent have expired or been removed from the market
- of the 1,876 pending sales (from May 1, 2012) 924 (or 49 percent) remain pending 60 days later
These 924 pendings breakdown according to sale type as follows:
| Condition of Sale | May 1, 2012 | July 1, 2012 | % change |
|---|---|---|---|
| None | 326 | 55 | 83.1% |
| Short Sale | 1,345 | 848 | 37.0% |
| Bank-owned | 189 | 19 | 90.0% |
| Other (subject to court approval, relocation, other) | 16 | 2 | 87.5% |
| Total | 1,876 | 924 | 50.8% |
source: NNRMLS – July 2012
As can be seen in the table above, after sixty days:
- bank-owned properties exhibit the greatest rate of closed transactions – at 90 percent
- followed by those properties with no special conditions (sometimes referred to as “equity sales”) – at 83 percent
- short sales exhibit the lowest rate of closed transactions – at only 37 percent
We will revisit this set of pending properties again in 30 days.
related post: What becomes of pending sales? [30 days later]
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 – July 2012. This information is deemed reliable, but not guaranteed.
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