In last week's look at the North Las Vegas real estate market, I highlighted sales price, volume, and financing trends. Today I'll break down the different listing types of that market -- REOs (bank owned homes), short sales, and regular sales.
Overall we have about 2.2 months of North Las Vegas real estate inventory. When we look each of the listing types, we see that there are three distinct markets. Here are the current figures for North Las Vegas REOs, North Las Vegas short sales, and 'regular' North Las Vegas 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). There are 3-4 weeks of REO inventory, and just over seven months of short sales.
Distressed properties (REOs and short sales) make up 77% of the available inventory ...
... and account for 90% of the homes in escrow.
To find out more about buying or selling real estate in North 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 101-103.)
John - I love your graphical presentation. Do you make those yourself or do you subscribe to a service?
John, you are in a Buyer's Market! It's hard to believe when you hear how Nevada along with Florida, are some of the top foreclosure states - but then, your largest share of the graph are the REOs. We have a long way to go - 12 month inventory.
John Those pie charts are an excellent way of presenting your market conditions - we are nowhere near your market conditions
This is a great, easy to comprehend presentation. It looks like your days on market for all but short sales are great. Is the time on market because they don't go into pending before they're approved by the lender or because people prefer the other types of sales?