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:

source: NNRMLS – May 2012

These pendings breakdown according to sale type as follows:

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.