In a recent post we examined sales price, volume, and financing trends in the southwest Las Vegas real estate market. Today we'll focus on the parts of that market -- REOs (bank owned homes), short sales, and regular sales.
At first glance, it seems like we have just under three months of southwest Las Vegas real estate inventory. Looking closer, we see that each type of listing has a distinct market. 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) represent 61% of the available inventory ...
... and make up an amazing 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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John, all I can say is WOW. We haven't been hit nearly as hard as your area and some of the others. Our REO and short sales are probably still less than 10%.