The absorption rate for Las Vegas Valley Area Short Sales is finally seeing movement. Absorption is moving to the stable market territory at only 7.8 months of inventory. Solds have FINALLY gone from hovering the 200 unit mark and went over the 500 mark. I see improvement in this sector! Inventory has decreased (-127 units). Pending units have increased by +539 units. Solds have increased by +101 units. Absorption down by 1.8 months
There are many reasons for the lack of closings in this market and it is outlined in this post.
Short Sale Synopsis:
- Listings 10/15/2009: 4591
- Pending 10/15/2009: 8559
- Closed September 2009: 592
- Month's Inventory: 7.8
Short Sales Currently Account for:
- 44% of All Las Vegas Valley Listings
- 14% 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, I am happy to see your inventory starting to move as much of it is Short Sales, the more S. S. we get off our books the quicker our economy will begin to recover and we can see our markets get back to a normal apperciation rate. Ours have been moving but closings slowed down in the last 3 months as it did for everyone with banks over loaded. Have a great Day!
Renee - This looks like a good sign for you. How long will it take before short sales are not a normal transaction? I'm ready
Renee
Outside of Bank of America I see some lenders being more pro-active these days. How is north Las Vegas short sales comparing with south Las Vegas short sales. I think rebounding is not too far off in some areas of this country.
Renee,
Looks like the 14% of all Vegas valley sales being short sales is going up in the coming months. There are plenty of pendings.
Debbie: The month to month improvements the last 5 months have been impressive! I hope they can whittle it down even quicker!
Larry: I'm ready too!
Tom: BOA is one big headache for me. As for short sales, it needs to be broken down from sub to sub depending on age
Esko: I think so!!