Last week we examined some general trends in the Central Las Vegas real estate market. Today we'll focus in on the components of that market -- REOs (bank owned homes), short sales, and regular sales.

On the surface, it looks like we have about 2.5 months of inventory for central Las Vegas. But when we look at the details, three distinct markets emerge. Here are the current figures for central Las Vegas REOs, short sales, and 'regular' home sales.

Central Las Vegas real estate 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). We have about three weeks of REO inventory, and over seven months of short sales.

Distressed properties (REOs and short sales) account for 58% of our available inventory ...

Central Las Vegas homes for sale


... but make up 89% of the current escrows

Central Las Vegas homes in escrow


To find out more about buying or selling real estate in central 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 301-303.)

 
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1 Comments on Central Las Vegas Real Estate Market Breakdown

OCT
28
238,760 Points 8 Featured Posts Localism Sponsor Outside Blog

Lots of good Local Info - thanks for keeping us up to date.

This is a perfect example of why ALL Real Estate is LOCAL and should only be serviced by LOCAL agents.

John

12:32am • #1

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John Novak - Las Vegas and Henderson NV Real Estate

Las Vegas, NV

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Keller Williams Realty The Marketplace

Address: 2230 Corporate Circle, Suite 250, Henderson, NV, 89074

Office Phone: (702) 939-0000

Cell Phone: (702) 339-9700

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News, statistics, and observations about the residential real estate market in southern Nevada, and my experiences and thoughts about being a REALTORĀ®.

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