Real Estate Blog - Las Vegas Short Sales: Inventory Rise, Closings Drop, Absorption Rate Goes Through the Roof

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Las Vegas Short Sales: Inventory Rise, Closings Drop, Absorption Rate Goes Through the Roof

Let me first make a huge statement: Not all sectors of Las Vegas NV Real Estate are bad. I am following two markets that are sinking as quick as mortgage products disappeared in July: the high rise market and the short sale market.

The short sale market absorption rate has risen from 43 months in July/August to 51 months in August/Sept. We are currently looking at 77 months of inventory for September/October. There are many reasons for it and it is outlined in this post. The major jump this month is the same old story: inventory (listings) have risen and closings have dropped.

Short Sale Synopsis:

Listings 10/19/2007: 3708
Pending 10/19/2007: 262
Closed 9/17-10/17/2007: 48

One thing you really need to consider when buying or selling short is to make sure the list agent is EXPERIENCED in this niche. These deals are hard to pull whether it is or is not an experienced agent.

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Posted by Renee Burrows - Las Vegas NV Valley - Homes For Sale - SRES - SRS - AHWD - ABR on 10/19/2007 10:48 PM

Comments (8)

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Originally posted at: Nevada Real Estate >> Las Vegas Real Estate Specialist: Las Vegas Short Sales: Inventory Rise, Closings Drop, Absorption Rate Goes Through the Roof

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8 Comments on Las Vegas Short Sales: Inventory Rise, Closings Drop, Absorption Rate Goes Through the Roof

OCT

2007

We have a couple of markets here in phoenix that look just like your pie chart. Overbuilt areas on the outskirts of town.

Renee- Keeping your eye on the market is ever so important. Providing this type of information to the general public will help make you the area expert.

Regarding short sales you are correct that having experience people involved makes the process easier.

Renee, I've followed your blog for some time, now. The Florida market has been sort of similar to LV in many ways. Fortunately, the SW Fla area doesn't echo that chart. Brutal!

Excellent points that are relevant for many areas across the country - thanks. Great post. Knowledge is key.

Gary: Scary a bit, eh?

Jennifer: Even though I won't touch a listing with a ten foot pole, I do know who has their stuff together and who doesn't as far as list agents go!

CEG: Very brutal indeed!

Nancy: Thanks for stopping by and the compliments!

We also have the different markets. not to say that all are currently off from goals of last year, but the new construction is doing better than resale. But I want teh pace to pick up and be in the game.

Renee:

Great grafs where do you get them. Thanks for commenting on my blog. Have a great weekend.

And a reminder to all buyers: Renee Burrows knows what she is doing hands down!

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