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:

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:

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.