Las Vegas Real Estate Market Condition Report for January 2010 – Short Sales Makeup 22% of Closings
ByThe Las Vegas Real Estate Market Condition Report for January 2010, courtesy of Nevada Title Company with chart breakdowns of short sale and REO (Bank-owned) closings is presented here for your review.
The trend continues to show an increase in successful short sale closings. In January 2010, short sales accounted for 22% of all closings (539 of 2,450 single family residential closings were short sales).
Overall, the supply count remained steady while demand backed off 10% from the previous month. Although supply is relatively tight, especially for REO (58% of demand/17% of supply), prices continue to show weakness for both Short Sale and Standard offerings (42% of demand/83% of supply). While median price remains soft and continues to decline, average price has stabilized and is increasing marginally. In the preceding 60 days, 32 properties closed at greater than $800K.
This implies the sale of higher priced properties is occurring with increasing frequency.
Declines in demand may be associated with the holiday cycle, however, uncertainty about the demand schedule is warranted by the simultaneous end of favorable government programs, low consumer confidence, persistent decline in REO inventories, and entry into the spring cycle.
January 2010’s total is a 17.3% increase over January 2009, and a remarkable 165% increase over January 2008’s total SFR units of 983.
Are you a Las Vegas Homeowner facing a possible foreclosure or considering a short sale?
The Serra Group is here for your confidential, no obligation consultation
regarding your options – there are solutions! Call Kathryn at 702-348-7191.
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