The absorption rate for Las Vegas Valley Area Short Sales went up slightly for November 2008. Absorption still remains high and just slightly above the 2 year mark. Inventory has decreased sharply (-162 units). Pending units have decreased by -113 units. Solds have increased by +55 units. Absorption down 6 months but I do not believe the tide is turning.
There are many reasons for the lack of closings in this market and it is outlined in this post.
Short Sale Synopsis:
- Listings 1/12/2008: 6580
- Pending 1/12/2008: 1965
- Closed December 2008: 302
- Month's Inventory: 21.8 (=2.8 Years Inventory.)
Short Sales Currently Account for:
- 31% of All Las Vegas Valley Listings
- 10% of All Las Vegas Valley Sales
One thing you really need to consider when buying or selling short is to make sure the list agent is EXPERIENCED in this niche. These deals are hard to pull whether it is or is not an experienced agent.
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 via a short sale by a proven short sale expert, you can either fill out the form on this page or you can call 702-966-2494 and press option 0. If you would like to buy a short sale property you can call 702-966-2494 and press option 1 for a Realtor or option 3 for Financing Questions. Be sure to ask about down payment assistance (zero down/100% loans) for first time buyers through grants and bonds! Para español presione el cuatro
