The absorption rate for Las Vegas Short Sales has dropped by 1 year from February - March 2008. Inventory has risen dramatically (+402 units). Pending units has also risen dramatically by +348 units. This is because the MLS board is REQUIRING agents to change status with an offer and make it contingent on bank approval. Many under contract are no where near bank approval. Solds have increased nicely by +23 units. Maybe the banks are finally getting their act together to get these approved!
There are many reasons for the lack of closings in this market and it is outlined in this post.
Short Sale Synopsis:
- Listings 4/3/2008: 4720
- Pending 4/3/2008: 768
- Closed 2/22-3/22/2008: 90
- Month's Inventory: 56.9 (=4.7 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.
