I just picked up some good information on Las Vegas Real Estate statistics! Check it out!
"During the first week of April 2009, the number of units in a contracted status jumped beyond 10,000 for the first time in years and was double the number reported one year ago. Contracted units represent homes that have been negotiated but are waiting to close. They consist of contingent units (6,295 homes) that are contingent on some action taking place (e.g., a lender approval on a short sale) as well as pending units (3,795) which are transactions waiting for customary closing procedures to complete. Sales closing activity in the resale market has been on the rise and the latest contracting activity suggests this trend will continue over the next 30 to 60 days (typical closing timeframe).
The number of resale homes on the market (those listed with Realtors and posted in the Multiple Listing Services (MLS)) fell by 618 units during the past week causing total inventory to reach 19,270 homes. Compared to the same week of the prior year, inventory levels are down 17.7 percent, or 4,138 units, and they are at their lowest level since April 2006.
Vacant properties listed for sale remained consistent with the level reported one year ago, while owner-occupied properties were down 3,115 homes, or 34.7 percent. Currently, vacant properties represent approximately 59.6 percent of all listings, while owner-occupied units represent 30.4 percent of total inventory. Properties owned by banks represent 29.8 percent of all listings."
Bryan Knight, REO agent in Las Vegas, NV
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