BluefoxToday blog : Las Vegas NV Area Short Sale Real Estate Market Report & Homes for Sale May 2011

Las Vegas NV Area Short Sale Real Estate Market Report & Homes for Sale May 2011

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 buyer's market back to a stable market.  Inventory has DECREASED by -259 units.  Under Contract has INCREASED by +104 units.    Sold units have INCREASED by +16 units.

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

Short Sale Synopsis:

  • Listings 6/15/2011:  6401
  • Pending 6/15/2011: 8329
  • Closed May 2011: 916

Short Sales Currently Account for:

  • 46% of All Las Vegas Valley Listings
  • 24% 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 11 commentsRenée Donohue • June 16 2011 11:14AM

Comments

Renee, it's interesting that short sales make up 46% of the Las Vegas real estate market, but only 24% of the sales.  A lot of fall out and extended sale times probably occur in Las Vegas short sales just like they do here in the Arizona real estate market.

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

Renee,

That is good news that the short sale market has gone to stable. The national media still picks on the Vegas market all the time. Just last week I believe there was another negative article about Vegas Real Estate in the Wall Street Journal. Thanks for information and I really like the way you do your market data presentations.. 

 

bg

Posted by Robert Bob Gilbert, Your Katy TX ( West of Houston) Real Estate Expert (Berkshire Hathaway HomeServices Anderson Properties) over 7 years ago

Hi Renee- I know that short sales are a big part of Las Vegas, but I personally avoid them when I can.

Posted by Larry Brewer - Benchmark Realty llc (Benchmark Realty LLc) over 7 years ago

These are incredible short sale figures that I can't even fathom.  It will take years for the market to right itself.

Posted by Anita Clark, Realtor - Homes for Sale in Warner Robins GA (ColdwellBanker SSK Realtors ~ 478.960.8055) over 7 years ago

Renee - excellent and well written market report for Las Vegas, NV short sales. I am glad to see it has become a balanced market and that inventory has decreased.

Posted by Sharon Paxson, Newport Beach Real Estate (Compass) over 7 years ago

Almost 50% of the market are shortsales really is tough on everyone in real estate.  They may close, may not, etc, etc, etc....

Posted by Bob Jakowinicz, Michigan Real Estate Agent-- MI RE Adventures (National Realty Centers Livonia--Bob Jakowinicz) over 7 years ago

Wowie, 7 months worth of inventory. People here complain about homes taking a longer time on average to sell, and we have only 2.5 months worth of inventory - less in some price ranges.  Like the new profile pic!

Posted by Karen Crowson, Your Agent for Change (Coldwell Banker Residential Brokerage) over 7 years ago

Renee

Glad to see Las Vegas is getting a little bit more normal again. Happy selling!

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,

Appears that it's swinging close to being a buyer's market again, being at 7.0.

Posted by Esko Kiuru over 7 years ago

Thank you EVERYONE for the comments!

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

The key to a good recovery is the absorption rate in the county. The faster the homes are sold the better we will get out of this recession.

Posted by mike bitar (Executive Estates) about 7 years ago

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