This Las Vegas Market Report usually just stays on my Website but the News on Las Vegas Home Inventory Trends is Just too Juicy to NOT SHARE w/ Active Rain!
Las Vegas Real Estate Market Trends for November 2010:
I am happy to report that Las Vegas home inventory increases over the last several months has slowed
in December. I did predict – back in May of 2010 (this year) that Las Vegas Area would be a stable to buyer’s market by November or December.
I am happy to report that I am wrong! We are still a seller’s market but almost a stable market. Our absorption rate is “hanging in there” at 4.6 months of inventory (5 months makes it a stable market, 7 months makes it a buyer’s market!)
This is due to smaller inventory increases than previous months. Inventory only increased +66 units throughout the Las Vegas Valley
The Las Vegas REO (foreclosures, bank owned) sector remains a strong seller’s market at 2.2 months of inventory & the Las Vegas Short Sale sector turned from stable territory to a buyer’s market with 8.2 month’s of inventory.
Las Vegas Home Sales were high for November. Traditionally sales should dip in November but we saw an increase of +144 units.
Las Vegas Home Pendings remain high due to short sales and the challenges it takes to close a Las Vegas Short Sale.
The rest of my November 2010 Las Vegas Market Reports for specific sectors of the Las Vegas Real Estate Marketwill be up within the next several days on these pages:
Rhodes Ranch Area – this community is special and my favorite so it gets it’s “OWN” Market Report.
Age Restricted Communities & Sun Cities
Las Vegas Area Market Activity – shows general Las Vegas Market Activity, Trends & Absorption
Las Vegas Area Sales by Type – Four Graphs to Show Las Vegas Area Sales Trends. See what percentage of Las Vegas Area Sales are Short Sales, REO (bank owned) & Standard Sales!
Las Vegas Area Sold Terms – Various Graphs and Charts that show what percentage of homes were Cash only or Financed. Financed homes divided by Cash, Conventional, FHA or VA.
Las Vegas Area Concession Stand – Shows what percentage of concessions (or closing costs) sellers are giving buyers.
Las Vegas Area REO or Bank Owned Homes – Comprehensive Reports on Las Vegas Area REO including financing profiles by price point and absorption rate.
Las Vegas Area Short Sale Homes – Comprehensive Reports Detailing Short Sale Listing, Contract & Sold Stats. Includes Absorption Rate.
Enjoy and feel free to ask questions about these reports or trends right here!
