Las Vegas Resale & Short Sale Market Update…

According to data obtained from the GLVAR, the number of homes listed as “available” rose to 13,527 by the opening week of August 2010. Inventory increases have been reported during the past 13 consecutive weeks when availability previously stood at 10,093 units.

The number of properties listed as available is 6.3 percent higher than reported one year ago and reflects a contrasting trend to the earlier months of 2010 when inventory levels were on the decline. Additionally, the count of properties identified as contingent or pending (i.e., homes that have a sales contract in place) has continued to decline during the same timeframe.

Short sales continue to reflect an overwhelming share (81.3 percent) of contingent homes, or properties subject to conditions before moving forward with the traditional closing process. It is also worth noting that for the first time during the current cycle, it appears that successful short sale closings as a percentage of total closings are on the decline. During the past month, successful short sales represented 30.6 percent of closings that involved Realtors, off the peak of 34.1 percent posted about a month earlier. Short Sales now represent 43.4 % of the “Available” inventory (5,870 units).

Weather your buying or selling a property eXp realty can provide expert  guidance throughout your transaction, please contact the eXp Solution Team.