Inventory has fallen since last report (-109 units), Pendings have dropped -239 units Closing data is DOWN at -115 units. Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.
REO sales accounted for 75.1% of all Las Vegas Area Valley resale closings in June 2009. REO listings account for only 22.9% of total resale listings.
Multiple offers are streaming in as banks continue to lower to fire and auction sale prices.
Current Listed Bank Owned Statistics:
- Listings (8/15/2009): 2649
- Under Contract (8/15/2009): 5236
- Sold July 2009: 3415
- Absorption Rate: 0.8 Months (THATS LESS THAN ONE MONTH = VERY LITTLE INVENTORY)
In our Maryland market, the number of REO active listings varies from area to area. In Montgomery County, there are less than 160 active REO listings. But the next county over, Prince George's County has over 700 active REO listings.
WOW! the inventory is drying up, this is excellent news!!!
your friend in Charlottesville Virginia!
Wow that's a low absorption rate. Utah is always behind Vegas' market trends and from your numbers we continue to stay behind. We have areas with large absorption rates. It must feel great to have energy and excitement and volumes moving. Love your graphics they are incredible. Have a great day
Roy: Same here from subdivision to subdivisions. The older Sun Cities are doing well as are most older subdivisions that don't have high turn around and cash outs!
Charles: We have almost no sellable inventory!
Kim: It's hard to get buyers into escrow these days. I think I am running out of energy, LOL!