Diary of a Las Vegas Realtor - Day 36

By
Real Estate Agent with Keller Williams Realty Las Vegas

Total number of homes available is 9,964. This includes single family homes, condos, and townhomes. With 3,895 homes sold in the month of March, the absorption ratio is 2.56. Meaning it'll take 2.56 months to absorb all available inventory. Anytime the market takes less than 5 months to absorb existing inventory we are experiencing a seller's market. Anytime the market has over 5 months of inventory we are experiencing a buyer's market.   The breakdown of current inventory and its propert type is as follows:

  • 13.1% of available homes are bank owned
  • 45.3% of available homes are short sales
  • 41.6% of available homes are not distressed

In the month of March 3,895 homes were sold.

  • 50.6% of sold homes are bank owned
  • 25.0% of sold homes are short sales
  • 24.4% of sold homes are not distressed
  • Medium single family home price is $135,694 an increase of 0.056%
  • Medium condo prices dropped lower to $63,250
  • Medium rental price remained at $1,100 at a 86% occupancy rate

Today is the effective date for the adoption and implementation of the Home Affordable Foreclosure Alternatives Program (HAFA). Under this program homeowners can avoid foreclosure by utilizing short sale or a deed-in-lieu to avoid foreclosure on an eligible loan. The options help preserve the condition and value of the property by minimizing the time a property is vacant and subject to vandalism and deterioration. In order to qualify the following are conditions homeowners must meet:

  • Property is borrower's principal residence
  • Borrower's total monthly payment exceeds 31% of the borrower's gross income
  • Current unpaid principal balance is equal to or less than $729,750
  • Mortgage loan is a first lien mortgage originated on or before 1/1/2009
  • Mortgage is delinquent or default is reasonably foreseeable

For additional information on the HAFA program please email or contact me directly at 702-212-2288.

Comments (1)

Paul Walker
Equity Fifty Five Realty, LLC - Scott AFB, IL
Scott AFB IL Area Realtor

Nice Post! I like the way you layed out the information. Looks like your market is doing quite well too!

Apr 23, 2010 11:49 AM