Prices have flatlined after an 18 month period of steep appreciation.
In June 2012, Las Vegas short sale home closings outpaced Las Vegas REO (bank owned) home closings for the first time since the Las Vegas real estate demise started in 2006. Our absorption rate continues to be in seller’s market mode with around 2 months of inventory which indicates a strong seller’s market. Equity sales began to outpace REO & short sales in Las Vegas in February 2013.
The Las Vegas REO (foreclosures,( bank owned) sector remains a EXTREME seller’s market WITH LESS THAN 3 months of inventory & the Las Vegas Short Sale sector is also in an EXTREME seller’s market.
Las Vegas Home Sales were strong with 2593 units sold in November 2013.
Las Vegas Home Pendings remain high due to short sales and the challenges it takes to close a Las Vegas Short Sale.
Cash sales still dominate the Las Vegas sold terms with over 44% of the homes selling with cash vs financed offers (VA/FHA/Conventional.)
The rest of my November Las Vegas Market Reports for specific sectors of the Las Vegas Real Estate Market will be up within the next several days on these pages:
Las Vegas Area Market Activity shows general Las Vegas Market Activity, Trends & Absorption
Las Vegas Area REO or Bank Owned Homes Comprehensive Reports on Las Vegas Area REO including financing profiles by price point and absorption rate.
Las Vegas Area Short Sale Homes Comprehensive Reports Detailing Short Sale Listing, Contract & Sold Stats. Includes Absorption Rate.
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