In a recent post we looked at sales price, volume, and financing trends in the southwest Las Vegas real estate market. Today we'll examine the parts of that market -- REOs (bank owned homes), short sales, and regular sales.
On the surface, it seems like we have just under three months of southwest Las Vegas real estate inventory. Looking at each type of listing, three distinct markets emerge. Here are the current figures for southwest Las Vegas REOs, southwest Las Vegas short sales, and 'regular' southwest Las Vegas home sales.
Absorption is the number of months it would take to sell the available inventory at current sales rates. (Available Inventory/August Sales = Absorption Rate). There are only 2-3 weeks of REO inventory, but over eight months of short sales.
Distressed properties (REOs and short sales) compose 61% of the available inventory ...
... and represent a whopping 91% of our current escrows.
To find out more about buying or selling real estate in southwest Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com.
(GLVAR deems information reliable but not guaranteed. Data is for MLS areas 501-505.)
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Boy, it's sure the REO's that are selling down there. Flip the regulars and the REO's and you've got Eugene.