The absorption rate for Las Vegas Valley Area Short Sales went down for May 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 (-639 units). Pending units have increased by +1142 units. Solds have decreased by -16 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 6/15/2009: 5517
- Pending 6/15/2009: 5478
- Closed May 2009: 301
- Month's Inventory: 18.3 (=1.5 Years Inventory.)
Short Sales Currently Account for:
- 42.5% of All Las Vegas Valley Listings
- 7.6% 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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