Las Vegas, NV Area Short Sale August 2009 Inventory Update

By
Services for Real Estate Pros with Savvy Home Pix B.1000860.LLC

Las Vegas Short Sales For Sale

The absorption rate for Las Vegas Valley Area Short Sales is finally seeing movement.  Absorption still remains high BUT has recently moved under the 1 year mark.  Solds have FINALLY gone from hovering the 200 unit mark and went over the 400 mark.  I see improvement in this sector! Inventory has decreased  (-84 units).  Pending units have increased by +737 units.    Solds have increased by +33 units.  Absorption down by 0.9 months

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

Short Sale Synopsis:

  • Listings 9/15/2009: 4718
  • Pending 9/15/2009: 8020
  • Closed August 2009: 491
  • Month's Inventory: 9.6

Short Sales Currently Account for:

  • 41.5% of All Las Vegas Valley Listings
  • 10.1% of All Las Vegas Valley Sales
     

Read here for the most current Las Vegas Area Short Sale Report.

Read here for last month's report on Las Vegas Area Short Sales.

If you need to sell your home through the short sale process, you can either fill out the form on this page or you can call 702-966-2494 and press option 0. 

Posted by

Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

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Comments (16)

Nevin Williams
Fairway Independent Mortgage Corporation - Cary, NC
Senior Mortgage Advisor

Renee - That picture makes me want to fly to Veagas and play craps!  By the way I love your new pic : )

Sep 15, 2009 10:15 AM
Debbie Aldrich
The Watts Group Real Estate - Cottonwood Heights, UT
Salt Lake City Realtor - Salt Lake County, Cottonwood Heights

Renee, just think when all those pendings close, here's crossing our fingers.

Sep 15, 2009 10:16 AM
Greg Knowles Santa Barbara Ca.
Fidelity National Title Group-Santa Barbara - Santa Barbara, CA

Renee, Vegas has been dealing with this for what seems like forever. I hope it will keep getting better. Short sales are going to be the death of us folks in the escrow biz. Keep the faith!

Sep 15, 2009 10:21 AM
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!

This is good news!  Over the past 4 months, we've seen a stailization in the Grand Rapids, MI market too. And for the first time in a long time, prices inched upwards every so slightly.

Sep 15, 2009 10:49 AM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Nevin:  Just come out here and gamble on some short sales!!

Debbie:  Love the new pic!  YES let's get these closed!

Greg:  YES IT HAS BEEN DEALING WITH THIS FOREVER...........AND A DAY!  You title and escrow peeps are getting killed by this too!

Lola:  We are seeing some price stabilization with the sellable inventory!  If you want a deal you gotta go short!

Sep 15, 2009 11:08 AM
Richard Stabile
Re/Max Real Estate Limited - Oradell, NJ
Bergen County New Homes Builder Realtor

Renee:

I think short sales are moving by us a bit too. It is the fact that the banks are getting faster in some instances here. If they get the paper work it is starting to move. Also it seems the price issues are slowly getting solved so that there is a better handle on the market.

Richard

Sep 15, 2009 01:12 PM
Esko Kiuru
Bethesda, MD

Renee,

Your pie charts are the best in the business. Period. Always like to know how the numbers come out.

Sep 15, 2009 03:03 PM
Erik Hitzelberger
RE/MAX Alliance - Louisville REALTOR-Luxury Homes - Louisville, KY
Louisville - Middletown Real Estate

Renee - As much as I've read about short sales / foreclosures, these numbers are still stunning.  You have more short sales than we have active listings in the entire MLS.  Glad to hear things are moving, but wow.  BTW, great new pic!

Sep 15, 2009 03:38 PM
Brian Burke
Kenna Real Estate - Lone Tree, CO
Broker & Advising Expert-Denver Luxury Real Estate

I love to compare your area reports to ours which are so different! But reason why I'm here is I too love your new pic! ~Rita

Sep 15, 2009 03:44 PM
Robert May
Robert W May - Lethbridge Real Estate - Lethbridge, AB
Real estate consulting

Wow Renee, I had to do a double take to recognize who I had on my subscribers list.  I seen the new photo and thought 'who the heck is that?'  I really should update mine too I suppose, lol.

Sep 15, 2009 03:59 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Cool pic, Renee. Had to comment on THAT, of course.  Between you and Brian Brady, it must be the thing to do today. Hmmm.

Oh, BTW, good work on the stats, too! Looks like things keep shifting in a positive way.

Jeff

Sep 15, 2009 05:00 PM
Eva Erdmann
Lion International Inc. - Holiday, FL
interior decorator

Hi Renee,

I love your new picture.

Keep smiling!

Zijuzijazijana

Sep 15, 2009 09:22 PM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Richard:  whatever it is we need it times 10 :)

Esko:  THANKS!  I am humbled by your comment!

Erik:  my whole entire market is a "wow".  That's a nice POSITIVE word to describe it.  Just when I think I may have seen or heard it all, no I haven't, LOL!

Rita:  Thanks :)

Robert:  LOL!  Hey I still look the same, just different (bar) lighting, hahaha!

Jeff:  LOL!  It is the cool thing to do!  Please bring your surfer boy picture back!

Eva: Dziękuję

Sep 16, 2009 12:42 AM
Esko Kiuru
Bethesda, MD

Renee,

Some decent news on Las Vegas valley short sales. Closed sales jumped nicely. This one will end up on my outsider.

Sep 16, 2009 11:36 AM
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Renee

Looks like Las Vegas is selling; one day soon I am going to make it there.

Sep 17, 2009 10:47 AM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Esko:  I believe that there is a change going on and many other agents felt that this week.  It seems like we are all making headway with these things all of a sudden!

Tom:  I hope you bring Lars so he can eat play with my Italian Greyhounds.

Sep 19, 2009 01:03 PM