Las Vegas Short Sales: Absorption Rate = 4.5 Years of Inventory

 The absorption rate for Las Vegas Short Sales has risen once again in November 2007.  Inventory has risen dramatically (+333 Units) even though we saw a nice sales increase (+24 units) in this sector.  Pendings (+19 units) are only up slightly.

The short sale market absorption rate has risen from 51 months in August/Sept to 77 months in Sept/October.  We are currently looking at 56 months of inventory for Oct/Nov.  There are many reasons for it and it is outlined in this post. 

Are we beginning to see the banks allowing the properties to go for less to avoid the costs of foreclosure? 

Short Sale Synopsis:

  • Listings 11/21/2007: 4041
  • Pending 11/21/2007:  281
  • Closed 10/18-11/18/2007:  72
  • Month's Inventory:  56.1

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.  

Read here for last month's report on Las Vegas Area Short Sales. 

 

 

5 Comments on Las Vegas Short Sales: Absorption Rate = 4.5 Years of Inventory

My Goodness.  This is a disaster.  A house doesn't last that long in short sale opportunity.  Many of these homes have got to go to foreclosure.  I didn't realize the market in Las Vegas was in this condition.

 

11/21/2007 07:45 PM by Lenn Harley, Homefinders.com, MD & VA Real Estate

That's why I am breaking it down Lenn!  Kind of crazy out there right now!  Thanks for stopping by

11/21/2007 09:29 PM by Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)

Happy Thanksgiving Renee to you and your family. We are all so blessed to be a part of great network.

Sincerely
William

 

 

 

 

 

 

11/21/2007 11:10 PM by San Diego Real Estate Voice authored by William Johnson GRI CRS e-PRO (RE/MAX Associates)

Renee - wow!  Those numbers are a little scary, aren't they?  You're so right about consumers needing an experienced agent on their side!  Like Lenn, I had no idea your market was like this.

Ann

11/22/2007 05:58 PM by Portsmouth NH Real Estate ~ Ann Cummings (RE/MAX Coast to Coast - Portsmouth New Hampshire)

William:  Yes we are!

Ann:  Yes they are scary!  We will all survive though :) 

11/23/2007 10:12 PM by Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)

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Real Estate Agent: Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)
Renee Burrows - Las Vegas NV Real Estate
Las Vegas, NV
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Nevada Realty Solutions

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Page copy protected against web site content infringement by CopyscapeSpecializing in those forgotten "at" Rhodes Ranch Communities in Southwest Las Vegas that offer peek-a-boo views of the mountains and city lights! I love to watch trends and statistics in this fascinating market! I do have a newsletter that you can subscribe to - so if you want to keep in tune with the Las Vegas Real Estate Market Conditions on a monthly basis, sign up with absolutely no obligation!
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