What becomes of pending sales [90 days later]

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Expired / Withdrawn 6.7%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.

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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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