The absorption rate for Las Vegas Valley Area Short Sales remains stable for August/Sept 2008. Absorption still remains high and just slightly under the 2 year mark. Inventory has risen at a slower pace than normal (+207 units). Pending units has also risen by +110 units. Solds have increased by +15 units.
There are many reasons for the lack of closings in this market and it is outlined in this post.
Short Sale Synopsis:
- Listings 11/14/2008: 6690
- Pending 11/14/2008: 2198
- Closed 8/28-9/28/2008: 298
- Month's Inventory: 22.4 (=1.87 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.
If you need to sell your home via a short sale by a proven short sale expert, you can either fill out the form on this page or you can call 702-966-2494 and press option 0. If you would like to buy a short sale property you can call 702-966-2494 and press option 1 for a Realtor or option 3 for Financing Questions. Be sure to ask about down payment assistance (zero down/100% loans) for first time buyers through grants and bonds! Para español presione el cuatro.
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Hi Renee! Great market report as always--22 months, huh? You know I JUST did a hyperlocal market absorption report for one of my listing appointments last week and when I told them the supply was at 22 months, both of their chins nearly hit the floor. They had an agent who told them that their home should sell within 3 (yes, THREE) months! I haven't heard if they're going to go with me now...or in three months!