The absorption rate for Las Vegas Valley Area Short Sales is finally seeing movement for June 2009. Absorption still remains high BUT is hovering around the 1 year mark. Solds have FINALLY gone from hovering the 200 unit mark and went over the 400 mark. I see improvement in this sector! Inventory has decreased (-482 units). Pending units have increased by +1000 units. Solds have increased by +99 units. Absorption down by 6 months
There are many reasons for the lack of closings in this market and it is outlined in this post.
Short Sale Synopsis:
- Listings 7/16/2009: 5035
- Pending 7/16/2009: 6478
- Closed June 2009: 400
- Month's Inventory: 12.6
Short Sales Currently Account for:
- 42% of All Las Vegas Valley Listings
- 9% of All Las Vegas Valley Sales
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 through the short sale process, 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
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Hi Renee--looks like you're getting movement--at least buyers are out there, only WAITING for Closure!!
I wish that we had a way to search for short sales in our MLS that was accurate--the problem is that we can search for items in the customer remarks but, not every listing agent puts them there--they put them in the agent remarks where we have no search capability. We'd literally have to rifle through the thousands of listings and read each one to find all of the short sales! It's very frustrating!
Have a great Sunday!
Debe: That's unfortunate if you can't filter it either! The buyers usually don't want to go through the process of a short sale so that would be frustrating as an agent and a buyer trying to filter through it!
We are seeing movement and I did say two months ago that we would see the closes double or triple by June. We did! I will be happier once we see about 1K closes per month from short sales.
Hey, I appreciate this post, by-the-way--it has prompted me to contact my local MLS and see if they'll make this addition to their search capabilities--possibly a box to check for Bank REO, Foreclosures, &/or Short Sales. That would be AWESOME!
Thanks again and I'm rooting for you 1K per month in SS Closings!
Debe: That is a great idea! I don't know how I would live without those search features! Thanks for rooting for our valley to get so many of these closed!