Central Las Vegas Real Estate Market Breakdown
One week ago we looked at some general trends in the Central Las Vegas real estate market. Today we'll explore the components of that market -- REOs (bank owned homes), short sales, and regular sales.
Overall we have about 2.4 months of inventory for central Las Vegas. But when we take a look at the details, we see three distinct markets emerge. Here are the current figures for central Las Vegas REOs, short sales, and 'regular' home sales.
Absorption is the number of months it would take to sell the available inventory at current sales rates. (Available Inventory/December Sales = Absorption Rate). We have 3 weeks of REO inventory, and over six months of short sales.
Distressed properties (REOs and short sales) account for 64% of our available inventory ...
... but make up 92% of the current escrows.
To find out more about buying or selling real estate in central Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com.
(GLVAR deems information reliable but not guaranteed. Data is for MLS areas 301-303.)
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