The absorption rate for Las Vegas Short Sales has risen once again in December 2007. Inventory has risen dramatically (+204 Units), closings (sales) have also decreased (-18 units) in this sector. Pendings (+46 units) are only up nicely but they just aren't closing.
The short sale market absorption rate has risen from 51 months in August/Sept to 77 months in Sept/October to 56 months October/November. We are currently looking at 78.6 months of inventory for Nov/Dec. There are many reasons for it and it is outlined in this post.
Are we beginning to see the banks allowing the properties to go for less to avoid the costs of foreclosure?
Short Sale Synopsis:
- Listings 12/26/2007: 4245
- Pending 12/26/2007: 327
- Closed 11/19-12/19/2007: 54
- Month's Inventory: 78.6 (=6.6 Years Inventory.)
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 last month's report on Las Vegas Area Short Sales.
