Real Estate Blog - Las Vegas, NV Area Short Sale April 2009 Inventory Update: WE HAVE MOVEMENT!

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Las Vegas, NV Area Short Sale April 2009 Inventory Update: WE HAVE MOVEMENT!

The absorption rate for Las Vegas Valley Area Short Sales went down for April 2009. Absorption still remains high BUT is under the 2 year mark. Solds have FINALLY gone from hovering the 200 unit mark and went over the 300 mark. I see improvement in this sector! Inventory has decreased (-542 units). Pending units have increased by +1010 units. Solds have increased by a very nice +94 units. Absorption down by 10.6 months

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

Short Sale Synopsis:

Listings 5/15/2009: 5156
Pending 5/15/2009: 4336
Closed April 2009: 317
Month's Inventory: 19.4 (=1.6 Years Inventory.)

Short Sales Currently Account for:

41.2% of All Las Vegas Valley Listings
8.2% of All Las Vegas Valley Sales

One thing you really need to consider when buying or selling short is to make sure the list agent is EXPERIENCED in this niche. These deals are hard to pull whether it is or is not an experienced agent.

Read here for the most current Las Vegas Area Short Sale Report.

Read here for last month's report on Las Vegas Area Short Sales.

If you need to sell your home via a short sale by a proven short sale expert, you can either fill out the form on this page or you can call 702-966-2494 and press option 0. If you would like to buy a short sale property you can call 702-966-2494 and press option 1 for a Realtor or option 3 for Financing Questions. Be sure to ask about down payment assistance (zero down/100% loans) for first time buyers through grants and bonds! Para español presione el cuatro

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Posted by Renee Burrows - Las Vegas NV Valley - Homes For Sale - SRES - SRS - AHWD - ABR on 05/16/2009 08:30 PM

Comments (3)

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Originally posted at: Nevada Real Estate >> Las Vegas Real Estate Specialist: Las Vegas, NV Area Short Sale April 2009 Inventory Update: WE HAVE MOVEMENT!

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3 Comments on Las Vegas, NV Area Short Sale April 2009 Inventory Update: WE HAVE MOVEMENT!

MAY

Looks like some significant, and postiive, changes Renee. I love the visuals you use - real attention grabbers. But of course it's nice to have encouraging statistics, too.

Jeff

Renee... I loved the 6 am Target comment. Why is good inventory down? Just for the fact that most are foreclosures & nobody is selling? I think it still gets worse, and that we hit bottom about this time next year. I don't see a decent recovery until the middle of 2011. I hope I am wrong, but that is what I am seeing. But people are still buying, which is a good thing. But showing what is left over, that is crap? Can't be fun and good for business. Good luck in your market...

jeff belonger

MAY

Jeff D: Thanks so much! Very nice changes!

Jeff B: Not much out there. We have no inventory due to the moratoriums. We will never turn around until the foreclosures stop and if noteholders don't stop dumping on the market with less than what they are selling prices we are going to be a dog chasing it's tail for a long time. The verdict is out still to see if we can get the inventory or not or if they are going to start accepting short sales finally!

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