This Las Vegas Market Report usually just stays on my Website but the News on Las Vegas Home Inventory Trends is Just too Juicy to NOT SHARE w/ Active Rain! Las Vegas Real Estate Market Trends for November 2010: I am happy to report that Las Vegas home inventory increases over the last several months has slowed I am happy to report that I am wrong! We are still a seller’s market but almost a stable market. Our absorption rate is “hanging in there” at 4.6 months of inventory (5 months makes it a stable market, 7 months makes it a buyer’s market!) This is due to smaller inventory increases than previous months. Inventory only increased +66 units throughout the Las Vegas Valley The Las Vegas REO (foreclosures, bank owned) sector remains a strong seller’s market at 2.2 months of inventory & the Las Vegas Short Sale sector turned from stable territory to a buyer’s market with 8.2 month’s of inventory. Las Vegas Home Sales were high for November. Traditionally sales should dip in November but we saw an increase of +144 units. Las Vegas Home Pendings remain high due to short sales and the challenges it takes to close a Las Vegas Short Sale. The rest of my November 2010 Las Vegas Market Reports for specific sectors of the Las Vegas Real Estate Marketwill be up within the next several days on these pages: Rhodes Ranch Area – this community is special and my favorite so it gets it’s “OWN” Market Report. Age Restricted Communities & Sun Cities Las Vegas Area Market Activity – shows general Las Vegas Market Activity, Trends & Absorption Las Vegas Area Sales by Type – Four Graphs to Show Las Vegas Area Sales Trends. See what percentage of Las Vegas Area Sales are Short Sales, REO (bank owned) & Standard Sales! Las Vegas Area Sold Terms – Various Graphs and Charts that show what percentage of homes were Cash only or Financed. Financed homes divided by Cash, Conventional, FHA or VA. Las Vegas Area Concession Stand – Shows what percentage of concessions (or closing costs) sellers are giving buyers. Las Vegas Area REO or Bank Owned Homes – Comprehensive Reports on Las Vegas Area REO including financing profiles by price point and absorption rate. Las Vegas Area Short Sale Homes – Comprehensive Reports Detailing Short Sale Listing, Contract & Sold Stats. Includes Absorption Rate. Enjoy and feel free to ask questions about these reports or trends right here!
in December. I did predict – back in May of 2010 (this year) that Las Vegas Area would be a stable to buyer’s market by November or December.
ACTIONAGENTS.NET - Eugene, OR
Eugene Oregon's Best Home Search Website
Hopefully, your local sales with continue apace - while the inventory stabilizes on the way to going down.
Dec 16, 2010 10:01 AM
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida
That's quite a comprehensive look at LV and vicinity Renee. Sorry that your prediction was slightly off base but one out of 1,000,000,000 is pretty darn good. The Shack Diva rules!
Dec 16, 2010 12:38 PM
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M
Renee - This is a really well done market report for Las Vegas that will help to really inform the consumers. We've also been moving from a sellers' market to a more balanced market over the last few months.
Dec 16, 2010 05:11 PM
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists
Renee, Your reports and graphs are so precise. We're sure this is not an easy task that you take on...nice job!
Dec 16, 2010 10:46 PM
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer
Jim: Definitely surprising for sales to be up!
Kevin: LOL I was close but no cigar!
Christine: It's a little nicer but we are still seeing an abundance of multiple offers!
Larry & Sheila: Thanks for the stop!
Dec 17, 2010 01:09 AM
Benchmark Realty LLc - Nashville, TN
I like the headline, hopefully closings will improve and the inventory will decrease. In the end real estate will appreciate, and the bull will run again. I'm ezpecting a 4 year hot market starting in march of 2011. How about that for a prediction.
Dec 17, 2010 07:29 AM
Rainmaker
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Renée Donohue~Home Photography
Western Michigan Real Estate Photographer
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