What becomes of pending sales [60 days later]

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Expired / Withdrawn 5.9%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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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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