In a recent post we looked at sales price, volume, and financing trends in the east Las Vegas real estate market. Today we'll focus in on the parts of that market -- REOs (bank owned homes), short sales, and regular sales.
At first glance, it seems like we have just 1.8 months of east Las Vegas real estate inventory. Looking at each type of listing, three distinct markets emerge. Here are the current figures for east Las Vegas REOs, east Las Vegas short sales, and 'regular' east 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 nine months of short sales.
Distressed properties (REOs and short sales) account for 73% of the available inventory ...
... and make up 89% of our current escrows.
To find out more about buying or selling real estate in east 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 201-204.)
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