The absorption rate for Las Vegas Valley Area Short Sales is finally seeing movement. Inventory has INCREASED by +702 units. Under Contract has DECREASED by -453 units. Sold units have DECREASED by -75 units.
There are many reasons for the lack of closings in this market and it is outlined in this post.
Short Sale Synopsis:
- Listings 9/15/2010: 6846
- Pending 9/15/2010: 9372
- Closed August 2010: 1073
Short Sales Currently Account for:
- 49% of All Las Vegas Valley Listings
- 31% of All Las Vegas Valley Sales
Read here for last month's report on Las Vegas Area Short Sales.
Most Current Market Report For Short Sales
What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?
General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-605 (the average consumer probably asks, what’s that?) It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley. They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.
View More FAQ About My Las Vegas Area Real Estate Market Reports.
Renee it sure looks like Vegas is a stable market now. We will have to crawl a long time before we can walk though.
Renee - Is that you hidden in that great picture of Las Vegas NV? Great market report for the Las Vegas NV area, the market definitely appears to be shifting.
Renee, always enjoy reading your Las Vegas market reports - pretty amazing stats that 49% of your market are short sale listings! I called yesterday to see how you liked working with ThesisReady. I love your new site and signed up with Adam yesterday. Exciting new project! ~ Susan
Renee,
Short sale inventory keeps on growing while under contracts are heading south. Appears that demand for them is waning.
Susan: Let me know if you need any assistance as it is all fresh in my mind ;)
Everyone else: Thanks for the comments!