The absorption rate for Las Vegas Valley Area Short Sales is finally seeing movement. Absorption still remains high BUT has recently moved under 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 (-84 units). Pending units have increased by +737 units. Solds have increased by +33 units. Absorption down by 0.9 months
There are many reasons for the lack of closings in this market and it is outlined in this post.
Short Sale Synopsis:
- Listings 9/15/2009: 4718
- Pending 9/15/2009: 8020
- Closed August 2009: 491
- Month's Inventory: 9.6
Short Sales Currently Account for:
- 41.5% of All Las Vegas Valley Listings
- 10.1% 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.
Renee - That picture makes me want to fly to Veagas and play craps! By the way I love your new pic : )
Renee, just think when all those pendings close, here's crossing our fingers.
Renee, Vegas has been dealing with this for what seems like forever. I hope it will keep getting better. Short sales are going to be the death of us folks in the escrow biz. Keep the faith!
This is good news! Over the past 4 months, we've seen a stailization in the Grand Rapids, MI market too. And for the first time in a long time, prices inched upwards every so slightly.
Nevin: Just come out here and gamble on some short sales!!
Debbie: Love the new pic! YES let's get these closed!
Greg: YES IT HAS BEEN DEALING WITH THIS FOREVER...........AND A DAY! You title and escrow peeps are getting killed by this too!
Lola: We are seeing some price stabilization with the sellable inventory! If you want a deal you gotta go short!
Renee:
I think short sales are moving by us a bit too. It is the fact that the banks are getting faster in some instances here. If they get the paper work it is starting to move. Also it seems the price issues are slowly getting solved so that there is a better handle on the market.
Richard
Renee,
Your pie charts are the best in the business. Period. Always like to know how the numbers come out.
Renee - As much as I've read about short sales / foreclosures, these numbers are still stunning. You have more short sales than we have active listings in the entire MLS. Glad to hear things are moving, but wow. BTW, great new pic!
I love to compare your area reports to ours which are so different! But reason why I'm here is I too love your new pic! ~Rita
Wow Renee, I had to do a double take to recognize who I had on my subscribers list. I seen the new photo and thought 'who the heck is that?' I really should update mine too I suppose, lol.
Cool pic, Renee. Had to comment on THAT, of course. Between you and Brian Brady, it must be the thing to do today. Hmmm.
Oh, BTW, good work on the stats, too! Looks like things keep shifting in a positive way.
Jeff
Hi Renee,
I love your new picture.
Keep smiling!
Zijuzijazijana
Richard: whatever it is we need it times 10 :)
Esko: THANKS! I am humbled by your comment!
Erik: my whole entire market is a "wow". That's a nice POSITIVE word to describe it. Just when I think I may have seen or heard it all, no I haven't, LOL!
Rita: Thanks :)
Robert: LOL! Hey I still look the same, just different (bar) lighting, hahaha!
Jeff: LOL! It is the cool thing to do! Please bring your surfer boy picture back!
Eva: Dziękuję
Renee,
Some decent news on Las Vegas valley short sales. Closed sales jumped nicely. This one will end up on my outsider.
Renee
Looks like Las Vegas is selling; one day soon I am going to make it there.
Esko: I believe that there is a change going on and many other agents felt that this week. It seems like we are all making headway with these things all of a sudden!
Tom: I hope you bring Lars so he can eat play with my Italian Greyhounds.