In my last post about the North Las Vegas real estate market, I summarized 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 2.4 months of North Las Vegas real estate inventory. Further examination 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 2-3 weeks of REO inventory, and over seven months of short sales.
Distressed properties (REOs and short sales) make up 76% of the available inventory ...
... and account for 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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Lots of Good Information that local buyers and sellers should appreciate.
This drives home my whole Real Estate Philosophy...
"All Real Estate is Local...and Your REALTOR® Should Be Too!"