Las Vegas, NV Short Sale Inventory Absorption Update March 2008: 4.7 Years!

Las Vegas NV Area Short Sales

The absorption rate for Las Vegas Short Sales has dropped by 1 year from February - March 2008.  Inventory has risen dramatically (+402 units).  Pending units has also risen dramatically by +348 units.  This is because the MLS board is REQUIRING agents to change status with an offer and make it contingent on bank approval.  Many under contract are no where near bank approval.  Solds have increased nicely by +23 units.  Maybe the banks are finally getting their act together to get these approved!

There are many reasons for the lack of closings in this market and it is outlined in this post. 

Short Sale Synopsis:

  • Listings 4/3/2008: 4720
  • Pending 4/3/2008: 768
  • Closed 2/22-3/22/2008: 90
  • Month's Inventory: 56.9 (=4.7 Years Inventory.)

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.
 
This post has been included in Nevada Information Clark County, NV Information Las Vegas, NV Information
Post is included in group: Posts to Localism
Post is included in group: Market Updates
Post is included in group: Short Sales Specialists
Post is included in group: Short Sale REALTORS®
Post is included in group: City & State: Listings and Reports

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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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