Available short sale listings continue to decline with just under 5300 currenly on the market. However short sale closing made up nearly nine percent (9%) of all June closings – up from seven percent (7%) of the closings in May. Meanwhile, REO listings have dropped under 2800 available listings in the Las Vegas, North Las Vegas, and Henderson areas. It’s fair to say that new REO listings are coming on the market at the same rate existing REO listings go under contract.
Here is a price breakdown of the currently available REO properties in Las Vegas, North Las Vegas and Henderson.
Let’s download the June 2009 Greater Las Vegas Market Stats for Single Family Residences listed under one million dollars. Please note the “Available Homes” count; inventory levels dropped significantly in each of the past five months even as the closings have soared. This inventory drop combined with the increased sales activity sent the one month absorbtion rate to 42%. REO sales still accounted for just under seventy-five percent (74.5%) of the June closings. The overwhelming demand for bank foreclosures has resulted in ghe most competitve multiple offer situation that we have witnessed since the fierce seller’s market in 2005.
June closings sold according to the following terms:
Sold Term Average Sale Price
- Cash 38%…..$108,000
- Conv 24%…..$185,000
- FHA 31%……$155,000
- VA 6%…….$189,000
Market activity and closed units again soared in June as we enjoy one of the hottest summer markets ever. It’s also worth noting that the number of pended short sales is now about equal to the number of pended REO listings. It is now more important than ever to learn how to properly work a short sale sellers and buyers. I strongly suggest you consider taking one of the upcoming short sale CE classes or designation courses in the weeks ahead. This is expertise you will need in the months ahead.