BluefoxToday blog : Las Vegas NV Area Short Sale Real Estate Market Report & Homes for Sale for January 2011 (includes Henderson & North Las Vegas)

Las Vegas NV Area Short Sale Real Estate Market Report & Homes for Sale for January 2011 (includes Henderson & North Las Vegas)

Las Vegas Short Sales

Las Vegas Short Sales

Las Vegas Short Sale

The absorption rate for Las Vegas Valley Area Short Sales has swung from a stable market back to a buyer's market. Inventory has INCREASED by +4 units.  Under Contract has INCREASED by +189 units.    Sold units have DECREASED by -155 units.

There are many reasons for the lack of closings in this market and it is outlined in this post

Short Sale Synopsis:

  • Listings 2/15/2011:  7728
  • Pending 2/15/2011: 7595
  • Closed January 2010: 851

Short Sales Currently Account for:

  • 51% of All Las Vegas Valley Listings
  • 28% 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

Information About the Short Sale Process for Las Vegas Area Short Sale Buyers & Sellers

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 101-606 (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.


Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

copyright 2006-2013 Renee Burrows, REALTOR®, Savvy Home Realty Solutions  702-966-2494

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Comment balloon 13 commentsRenée Donohue • February 16 2011 06:33PM

Comments

Renee - that is a lot of properties under contract!  Good time to get in before they all get gobbled up and prices soar!

Posted by Nevin Williams, Senior Mortgage Advisor (Fairway Independent Mortgage Corporation) over 7 years ago

Hi Renee,

Our trendgraphix that we use for market stats has the short sale pendings including the short sale contingents which in all actuality can have the same buyer on 1 or 2 homes tying them up.  The only concrete stats for the short sales are the active short sales (with no offer yet) and the solds (of course). Great info here for your Las Vegas Buyers!

Posted by DeeDee Riley, Realtor - El Dorado Hills & the Surrounding Areas (Lyon Real Estate - El Dorado Hills CA) over 7 years ago

Renee

Thinking closing day will come soon enough for the short sales. Love the map

Posted by Tom Braatz Waukesha County Real Estate 262-377-1459, Waukesha County Realtor Real Estate agent. SOLD! (Coldwell Banker) over 7 years ago

Renee, are the lenders slowing this process down?  It seems like the number under contract would generate more closed sales.  And, with that many under contract, the other prices in Las Vegas and Henderson real estate SHOULD start rising.

Posted by Juli Vosmik, Scottsdale/Cave Creek, AZ real estate 480-710-0739 (Dominion Fine Properties) over 7 years ago

Renee, compared to my small town, your area definitely sale a lot of properties.

Posted by Rebecca Gaujot, Realtor®, Lewisburg WV, the go to agent for all real estate (Vision Quest Realty, Martha Hilton, Broker) over 7 years ago

Judging from your  stats Renee, there certainly are a good number under contract so that has to be an upward move for LV!

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Condo & Home Sale Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) over 7 years ago

Renee, we're seeing some similar results around our area too.  Some segments improving one month and then going the other way the next.  The market is showing no clear signs for us at the moment.  

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) over 7 years ago

Way to go keeping everyone informed on the distressed inventory. Once we get rid of most of it the markets will begin to get better.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 7 years ago

DeeDee:  I don't doubt that for one minute!

Thanks everyone else for the great comments!

Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) over 7 years ago

Renee, your U/C increase of short sale offers is a hopefully a great sign!    Maybe the banks are finally feeling they need to eliminate this inventory.    Good luck to you in your City!

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) over 7 years ago

Joan:  That would be good news for the city.  Just think of all the shadow inventory that would go "POOF" if all short sales were approved in a two month time span!

Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) over 7 years ago

Renee,

Clearly, there is still work to be done before Vegas real estate market can wave that "stable" flag for good.

Posted by Esko Kiuru over 7 years ago

Esko:  ABSOLUTELY!

Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) over 7 years ago

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