Central Las Vegas Real Estate Market Breakdown

Last week we examined some general trends in the Central Las Vegas real estate market. Today we'll focus in on the components of that market -- REOs (bank owned homes), short sales, and regular sales.

On the surface, it looks like we have about 2.5 months of inventory for central Las Vegas. But when we look at the details, three distinct markets emerge. Here are the current figures for central Las Vegas REOs, short sales, and 'regular' home sales.

Absorption is the number of months it would take to sell the available inventory at current sales rates. (Available Inventory/August Sales = Absorption Rate). We have about three weeks of REO inventory, and over seven months of short sales.

Distressed properties (REOs and short sales) account for 58% of our available inventory ...

... but make up 89% of the current escrows

To find out more about buying or selling real estate in central Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com.

(GLVAR deems information reliable but not guaranteed. Data is for MLS areas 301-303.)