The Las Vegas residential resale real estate market experienced it’s 11 month consecutive decline on inventory in November 2011! Those of us in the field are reporting just a slight decline in buyer & showing activity. Even though buyers are turning and burning through the inventory, we are experiencing some price declines and it depends on what area or subdivision.
Las Vegas area is still a seller’s market and our pendings level is about the same as the active level. Our absorption rate is “hanging in there” at right under 4 months of inventory which indicates a seller’s market.
The Las Vegas REO (foreclosures, bank owned) sector remains a strong seller’s market below 2 months of inventory & the Las Vegas Short Sale sector is emerging from a buyer’s market to a stable market with a decrease of inventory.
Las Vegas Home Sales were strong with 3778 units sold in October.
Las Vegas Home Pendings remain high due to short sales and the challenges it takes to close a Las Vegas Short Sale.
Cash sales still dominate the Las Vegas sold terms with 50% of the homes selling with cash vs financed offers (VA/FHA/Conventional.)
The rest of my November 2011 Las Vegas Market Reports for specific sectors of the Las Vegas Real Estate Market will 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
Las Vegas NV Real Estate Market Trends, Homes for Sale Report Nov 2011 http://t.co/hfHpFC8z