User12136_26_t Renee Burrows - Las Vegas NV. ASK ABOUT -1st Time Buyer Down Payment Assistance!
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The absorption rate for high rose resale condos has jumped from 29 months in August to a whopping 108 months of inventory in September.

Stats for High Rise Condos were pulled from the GLVAR MLS.  Information deemed reliable but not guaranteed. 

For August Numbers:

  • Listings 8/27/2007:  759
  • Under Contract 8/27/2007:  67
  • Closed Between 7/15-8/15/2007:  26 
  • Months Inventory:  approx 29 

For September Numbers:

  • Listings 10/12/2007:  865
  • Under Contract 10/12/2007:  70
  • Closed Between 8/16-9/16/2007:  8 
  • Months Inventory:  approx 108

I know I kept wondering if I had my values wrong when I was pulling these stats also! 


 

 

2 Comments on Las Vegas High Rise Resale Absorption Rate Reaches Alarming Levels

Renee - That is some serious inventory. Looks like it is a good business plan to be gettting into REO's and foreclosures like you are.

10/12/2007 05:30 PM by Bill Gassett Metrowest Massachusetts Real Estate (RE/MAX Executive Realty)

Bill:  While I do not have a crystal ball, I would advise clients to not buy in this market, YET.  We still have an abundance of buildings closing:  one a month or one every two months.  If I did have a crystal ball, I see it getting a little worse IN THIS SECTOR over the next several months before it gets better.  Of course there are better opportunities elsewhere in this market ;)

10/14/2007 11:49 AM by Renee Burrows - Las Vegas NV. ASK ABOUT -1st Time Buyer Down Payment Assistance! (Nevada Realty Solutions - Realtor - Estate - Probate - REO)

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Real Estate Agent: Renee Burrows - Las Vegas NV. ASK ABOUT -1st Time Buyer Down Payment Assistance! (Nevada Realty Solutions - Realtor - Estate - Probate - REO)
Renee Burrows - Las Vegas NV. ASK ABOUT -1st Time Buyer Down Payment Assistance!
Las Vegas, NV
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Nevada Realty Solutions - Realtor - Estate - Probate - REO

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