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Las Vegas, NV Area Short Sale October 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 6.5 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  (-116 units).  Pending units have increased by +179 units.    Solds have increased by +96 units. 

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

Short Sale Synopsis:

  • Listings 11/15/2009: 4475
  • Pending 11/15/2009: 8738
  • Closed October 2009: 688
  • Month's Inventory: 6.5

Short Sales Currently Account for:

  • 43% of All Las Vegas Valley Listings
  • 16% 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(8)

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Michele Connors
The Overton Group, LLC Pitt & Carteret County - Greenville, NC
Your Eastern North Carolina Realtor

I realize real estate is local.. I wish everyone understood how speaking directly to a reputable Realtor makes all the difference.. the media can only wrap the status of the economy into one conversation..how wrong that is!  

My mind is boggled that your market is so saturated with short sales. It really underlines that with all the competition a buyer / seller really needs one that know their market WELL.. and that gal is YOU! I love your reports.

Nov 15, 2009 11:49 PM
Fred Carver Real Estate Consulant
Retired BC Realtor - Victoria, BC
Accredited Real Estate Consultant

Hi Renee...It's all Good News, Home Buyers sitting on the fence better move soon, as the choices are going fast. Especially with record low mortgage rates.

Cheers, great market update, love your pie chart, did you do that in Word?

Nov 16, 2009 12:49 AM
Donna Harris
Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com - Austin, TX
Realtor,Mediator,Ombudsman,Property Tax Arbitrator

Those are some encouraging numbers!  Maybe now you can get the good doctor's parent's house on the market!

Nov 16, 2009 01:02 AM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Michele:  Why thanks and I think you summed it up best!!

Fred:  I do that in Excel!  If you want the tax credit, no joke you gotta act now, there is nothing short about a short sale!  I hated the pressure as the last tax credit was expiring.  Real estate transactions are taking forever here!

Donna:  good reminder, thanks.  The problem here is HVCC and lender overlays on appraisals are preventing appreciation :-/

Nov 16, 2009 02:09 AM
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Renee

That's a lot of short sales; appraisals are hurting my generating time in this market as well. What gets me is when they come back with some crazy demand at the 11th hour.

Nov 16, 2009 12:42 PM
Guy Thomas
WR Starkey Mortgage - Colorado Springs, CO

Renee, once all this inventory is finally sold out, think how easy things will seem to be. glad to hear that homes ae starting to move throuigh the popeline.

Nov 16, 2009 03:20 PM
Esko Kiuru
Bethesda, MD

Renee,

The listing percentage is quite high compared with how many actually sell. I gather a bunch of them still aren't approved by the banks.

Nov 16, 2009 04:06 PM
Fernando Herboso - Associate Broker MD, & VA
Maxus Realty Group of Samson Properties - Clarksburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

As always you have a great way to keep the public informed about your market. .. short sales will remain with us for a few more years. .we better get used it 

Nov 16, 2009 05:04 PM
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