The Las Vegas residential resale real estate market experienced it’s 13th month consecutive decline on inventory in January 2012!   I am expecting to see continued declines and inventory shortages until things get smoothed out with AB 284.

Las Vegas area is still a seller’s market and our pendings level is slightly higher than the active level.  Our absorption rate is just over 2 months of inventory which indicates a strong seller’s market.

The Las Vegas REO (foreclosures, bank owned) sector remains a EXTREME seller’s market around 1 month of inventory & the Las Vegas Short Sale sector has emerged from a stable market to a seller’s market with a decrease of inventory.

Las Vegas Home Sales were strong with 4098 units sold in December.

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 54% of the homes selling with cash vs financed offers (VA/FHA/Conventional.)

The rest of my January 2012 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

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Renee Burrows

Broker/Owner at Savvy Home Realty Solutions

Real Estate Agent in the Las Vegas - Henderson Area. Affiliated with: NAR, NVAR, GLVAR (Local Realtor Associations), REBAC (Real Estate Buyer's Agency Council), NABPOP (National Association of Broker Price Opinion Professionals) Seven Designations/Certifications: REALTOR®, ABR (Accredited Buyer's Representative), AHWD (at Home With Diversity), RSPS (Resort & Second Property Specialist), SFR (Short Sale/Foreclosure Resource), SRES (Senior Real Estate Specialist), SRS (Seller Representative Specialist).

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