North Las Vegas Real Estate Market Report - REOs, Short Sales and Regular Sales
In last week's look at the North Las Vegas real estate market, I highlighted 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 3.5 months of North Las Vegas real estate inventory. When we look at each of the listing types, we see 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/July Sales = Absorption Rate). There are only six weeks of REO inventory, but over six months of short sales.
Distressed properties (REOs and short sales) make up 77% of the North Las Vegas real estate market ...
... and account for 89% 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.)