In my last post about the North Las Vegas real estate market, I highlighted sales price, volume, and financing trends. Today I'll break down the different listing types of that market -- REOs (bank owned homes), short sales, and regular sales.
Overall we have about 2.3 months of North Las Vegas real estate inventory. A closer look will show that there are three distinct markets. Here are the current figures for North Las Vegas REOs, North Las Vegas short sales, and 'regular' North 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 about three weeks of REO inventory, but over ten months of short sales.
Distressed properties (REOs and short sales) are 78% of the available inventory ...
... and comprise 90% of the homes in escrow.
To find out more about buying or selling real estate in North 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 101-103.)
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