The state of the Las Vegas Real Estate market is one that is in flux, to a certain extent. The Foreclosure rates in Las Vegas have been dropping and the market has rapidly been shifting to Las Vegas Short Sales.
Las Vegas Short Sales
As noted above, Las Vegas Short sales have increased substantially the last two years, with 31% of all homes sold in July being short sales – this per cent is just about the same as Foreclosures. Las Vegas Foreclosures were about 8% of all sales in calendar 2008, to put things in perspective.
The Nevada Title Company (who we have the pleasure of working with) reported 4,608 short sales for the market in Auguest, with just over 1,00 closed and just under 8,000 in escrow. The average number of days on the market for these short sales was a whopping 230 days, with a media short sale asking price of $140,000 (in August) and an average closing price of $135,000.
Based on the savvy report from Nevada Title Company, they are indicating short-sale supply and demand are rising, while inventory in escrow continues to drop. The Las Vegas Short Sale absorption rate in August was 54 weeks, compared with 59 weeks in July, indicating we are reducing home inventory that is in escrow without replacing same. This is a healthy sign for Las Vegas Real Estate.
Las Vegas Short Sales Process Frustrations
We hear this every day from our clients; i.e. the short sales process takes too long, banks are unresponsive to their needs, and more. Unfortunately, we have no control over the banks – all we can tell our clients is that we are aggressively working with our partners like Nevada Title Company to get paperwork processed as quickly on our ends and are coupling this with trying to be as proactive and aggressive as we can possibly be with banks.
We don’t see any radical shifts in our market in the near future and hope that banks will continue to add more resources and systems so that they are better equipped with the short sales process!
