The absorption rate for Las Vegas Valley Area Short Sales went up slightly for November 2008. Absorption still remains high and just slightly above the 2 year mark. Inventory has risen at a slower pace than normal (+52 units). Pending units has also decreased by -120 units. Solds have decreased by -51 units.
There are many reasons for the lack of closings in this market and it is outlined in this post.
Short Sale Synopsis:
- Listings 12/11/2008: 6742
- Pending 12/11/2008: 2078
- Closed November 2008: 247
- Month's Inventory: 27.3 (=2.3 Years Inventory.)
Short Sales Currently Account for:
- 31% of All Las Vegas Valley Listings
- 9.7% of All Las Vegas Valley Sales
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 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 via a short sale by a proven short sale expert, you can either fill out the form on this page or you can call 702-966-2494 and press option 0. If you would like to buy a short sale property you can call 702-966-2494 and press option 1 for a Realtor or option 3 for Financing Questions. Be sure to ask about down payment assistance (zero down/100% loans) for first time buyers through grants and bonds! Para español presione el cuatro
Renee
When do you see a decline in short sales, and a return to normal buying intervals? I know you live in a great place, but if it is anything like Wisconsin short sales are a component of the market.
Hope all is well
Tom Braatz
We should go partners....we have the same type of inventory:)
Renee - yikes, that is a tough inventory. How do the short sales compare to the REOs? Not surprising those tend to be the ones selling and making up a greater % of listings and sales, esp in inland communities.
Jeff
Renee, unbelieveable. That seems like so much pain!
Hi Renee! Those stats may be beautiful but, they ARE painful! I'm looking forward to seeing this thing turn around in '09--and it WILL! Best of luck in Las Vegas!
Tom: Very much a component of the market here too - 31% of all listings. They will be here as long as the REOs keep coming and undercutting themselves with pricing.
Neal: !!!!!!!!!!!!!!!!
Jeff: The stats are crazy for short sales vs REO:
REO
Short Sales:
As you can see they have an equal market share but the sales percentages are pitiful. I think the agents just out there winging it need to find good short sale agents for referrals and hand them off to them. There are, of course, just sellers abusing the system to get sale dates pushed off, etc. The experienced short sale agent has the BS detector to figure it out so their list to close ratios are pretty good compared to agents who just take them to have a sign out there.
David: I am not in Kansas anymore, LOL! I am trying to convince dad to retire and get his license here. He would love the craziness of this market!
Debe: VERY painful. I think a large number of short sales are going to be high here for a long time - more than '09
Wow! That hurts! it looks like very few people are buying the short sales, and most are just going after the Bank Owned Homes! Really wild comparison. Whats interesting is that there is such a short time on the market when compared to Many areas of Florida. Around here we still have one year plus in inventory in most areas, but short sales are also not selling as much as the foreclosures.