Northwest Las Vegas Real Estate Market Report - REOs, Short Sales and Regular Sales - April 2012
In the previous post about the northwest Las Vegas real estate market, I reported on sales price, volume, and financing trends. Now we'll look at the different types of listings in that market -- REOs (bank owned homes), short sales, and regular sales.
Overall, we have only 1.2 months of northwest Las Vegas real estate inventory. Looking closer, it shows that there are three distinct markets. Here are the current figures for northwest Las Vegas REOs, northwest Las Vegas short sales, and 'regular' northwest Las Vegas home sales.
Absorption is the number of months it would take to sell the available inventory at current sales rates. (Available Inventory/April Sales = Absorption Rate). There are only 1-2 weeks of REO inventory, but almost 2 months of regular (equity) sales.
Distressed properties (REOs and short sales) represent 37% of the northwest Las Vegas real estate market ...
... but make up a staggering 85% of the homes in escrow.
To find out more about buying or selling real estate in northwest 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 401-405.)
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