Northwest Las Vegas Real Estate Market Report - REOs, Short Sales and Regular Sales
In my latest post about the northwest Las Vegas real estate market, I reported on sales price, volume, and financing trends. Today we'll look closer at the different types of listings in that market -- REOs (bank owned homes), short sales, and regular sales.
Overall, we're maintaining about 3.9 months of northwest Las Vegas real estate inventory. On closer examination it shows that there are three distinct markets. Here are the current figures for northwest Las Vegas REOs, northwest Las Vegas short sales, and 'regular' northwest Las Vegas home sales.
Absorption is the number of months it would take to sell the available inventory at current sales rates. (Available Inventory/July Sales = Absorption Rate). There are only 6-7 weeks of REO inventory, but over five and one-half months of short sales.
Distressed properties (REOs and short sales) represent 63% of the northwest Las Vegas real estate market ...
... and make up 88% of the homes in escrow.
To find out more about buying or selling real estate in northwest 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 401-405.)
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