The absorption rate for Las Vegas Valley Area Short Sales had a slight dip in July/August 2008. Absorption still remains high and just slightly under the 2 year mark. Inventory has risen at a slower pace than normal (+184 units). Pending units has also risen dropped by -154 units. Solds have increased by +50 units.
There are many reasons for the lack of closings in this market and it is outlined in this post.
Short Sale Synopsis:
- Listings 10/5/2008: 6483
- Pending 10/5/2008: 2088
- Closed 7/27-8/27/2008: 283
- Month's Inventory: 22.9 (=1.9 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.
