Ninety 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 | August 1, 2012 |
|---|---|---|
| Active-Pending Call | 4.5% | 1.0% |
| Active-Pending Loan | 13.6% | 1.2% |
| Active-Pending Home Sale | 0.3% | 0% |
| Active-Pending Short Sale | 64.3% | 31.2% |
| Pending-No Show | 17.3% | 5.1% |
| Sold | – | 53.5% |
| Active / Back on Market | – | 1.3% |
| Expired / Withdrawn | – | 6.7% |
| Total | 1,876 | 1,876 |
source: NNRMLS – August 2012
As can be seen in the table above, after ninety days:
- 53.5 percent of the pending sales have sold. This low number is driven mainly by pending short sales – which, after 90 days, have only a 50% close rate. (See table below)
- 1.3 percent have re-entered the market
- and 6.7 percent have expired or been removed from the market
- of the 1,876 pending sales (from May 1, 2012) 723 (or 38.5 percent) remain pending 90 days later
These 723 pendings breakdown according to sale type as follows:
| Condition of Sale | May 1, 2012 | August 1, 2012 | % change |
|---|---|---|---|
| None | 326 | 44 | 86.5% |
| Short Sale | 1,345 | 670 | 50.2% |
| Bank-owned | 189 | 8 | 95.8% |
| Other (subject to court approval, relocation, other) | 16 | 1 | 93.8% |
| Total | 1,876 | 723 | 61.5% |
source: NNRMLS – August 2012
As can be seen in the table above, after ninety days:
- bank-owned properties exhibit the greatest rate of closed transactions – at 96 percent
- followed by those properties with no special conditions (sometimes referred to as “equity sales”) – at 87 percent
- short sales exhibit the lowest rate of closed transactions – at only 50 percent sold after three months
related post: What becomes of pending sales? [60 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 – August 2012. This information is deemed reliable, but not guaranteed.
