Southwest Las Vegas Real Estate Market Report - REOs, Short Sales and Regular Sales
Recently we examined sales price, volume, and financing trends in the southwest Las Vegas real estate market. Today we'll focus on the parts of that market -- REOs (bank owned homes), short sales, and regular sales.
Generally, we have 4.2 months of southwest Las Vegas real estate inventory. Looking closer we see that each type of listing has a distinct market. Here are the current figures for southwest Las Vegas REOs, southwest Las Vegas short sales, and 'regular' southwest Las Vegas home sales.
Absorption is the number of months it would take to sell the available inventory at current sales rates. (Available Inventory/February Sales = Absorption Rate). There are only five weeks of REO inventory, but eight months of short sales.
Distressed properties (REOs and short sales) represent 67% of the available inventory ...
... and make up 89% of our current escrows.
To find out more about buying or selling real estate in southwest 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 501-505.)
Comments(0)