North Las Vegas Real Estate Market Report - REOs, Short Sales and Regular Sales - October 2011

In my previous post about 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.

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/October Sales = Absorption Rate). There are only 5-6 weeks of REO inventory, but over eight months of short sales.

Distressed properties (REOs and short sales) make up 77% of the North Las Vegas real estate market ...

North Las Vegas homes for sale


... and account for 87% of the homes in escrow.

North Las Vegas 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.)

 
This post has been included in Nevada Real Estate News Clark County, NV Real Estate News North Las Vegas, NV Real Estate News
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John Novak - Las Vegas and Henderson NV Real Estate

Las Vegas, NV

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Keller Williams Realty The Marketplace

Address: 2230 Corporate Circle, Suite 250, Henderson, NV, 89074

Office Phone: (702) 939-0000

Cell Phone: (702) 339-9700

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News, statistics, and observations about the residential real estate market in southern Nevada, and my experiences and thoughts about being a REALTOR®.

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