Las Vegas, NV Short Sale July 2008 Inventory Update: Absorption Stable BUT Still 2.7 Years

The absorption rate for Las Vegas Short Sales has remained stable from April - June 2008. Inventory has risen dramatically (+272 units). Pending units has also risen dramatically by +192 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 remained stable and increased by +8 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 7/3/2008: 5789
• Pending 7/3/2008: 2100
• Closed 5/25-6/25/2008: 180
• Month's Inventory: 32.2 (=2.7 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.