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Las Vegas, NV Area Short Sale September 2009 Inventory Update

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Services for Real Estate Pros with Savvy Home Pix B.1000860.LLC

Las Vegas Area Short Sale Homes For Sale

The absorption rate for Las Vegas Valley Area Short Sales is finally seeing movement.  Absorption is moving to the stable market territory at only 7.8 months of inventory.  Solds have FINALLY gone from hovering the 200 unit mark and went over the 500 mark.  I see improvement in this sector! Inventory has decreased  (-127 units).  Pending units have increased by +539 units.    Solds have increased by +101 units.  Absorption down by 1.8 months

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

Short Sale Synopsis:

  • Listings 10/15/2009: 4591
  • Pending 10/15/2009: 8559
  • Closed September 2009: 592
  • Month's Inventory: 7.8

Short Sales Currently Account for:

  • 44% of All Las Vegas Valley Listings
  • 14% of All Las Vegas Valley Sales
     

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 through the short sale process, you can either fill out the form on this page or you can call 702-966-2494 and press option 0. 

Posted by

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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Comments(5)

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Debbie Aldrich
The Watts Group Real Estate - Cottonwood Heights, UT
Salt Lake City Realtor - Salt Lake County, Cottonwood Heights

Renee, I am happy to see your inventory starting to move as much of it is Short Sales, the more S. S. we get off our books the quicker our economy will begin to recover and we can see our markets get back to a normal apperciation rate. Ours have been moving but closings slowed down in the last 3 months as it did for everyone with banks over loaded.   Have a great Day!

Oct 19, 2009 01:43 AM
Larry Brewer - Benchmark Realty llc
Benchmark Realty LLc - Nashville, TN

Renee - This looks like a good sign for you. How long will it take before short sales are not a normal transaction? I'm ready

Oct 19, 2009 02:13 AM
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Renee

Outside of Bank of America I see some lenders being more pro-active these days. How is north Las Vegas short sales comparing with south Las Vegas short sales. I think rebounding is not too far off in some areas of this country.

Oct 19, 2009 03:19 AM
Esko Kiuru
Bethesda, MD

Renee,

Looks like the 14% of all Vegas valley sales being short sales is going up in the coming months. There are plenty of pendings.

Oct 19, 2009 08:30 AM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Debbie:  The month to month improvements the last 5 months have been impressive!  I hope they can whittle it down even quicker!

Larry:  I'm ready too!

Tom:  BOA is one big headache for me.  As for short sales, it needs to be broken down from sub to sub depending on age

Esko:  I think so!!

Oct 25, 2009 01:52 PM
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