Las Vegas Real Estate Market Report for February 2010 – Short Sales, REOs and Traditional Closings
ByThe Las Vegas Real Estate Market Condition Report for February 2010, courtesy of Nevada Title Company with chart breakdowns of short sale and REO (Bank-owned) closings is presented here for your review.
Overall, the supply and demand schedules are little changed from previous month. Supply is relatively tight, especially for REO (61% of demand/16% of supply). Prices continue to show weakness for all types, more so for Short Sale and Standards. High price point properties, while showing increasing levels of activity, are still relatively slow exhibiting depressed Percent Selling/and Market Speed outcomes relative to lower priced offerings (about half the Percent Selling and half the Market Speed).
Note from the market history table that February 2009 demand is about equal to February 2010 while supply is greatly reduced. The reduction in supply relative to demand has shifted the price schedule to the current level where it appears to be “hovering.” Large changes in the price schedule are no longer occurring in favor of relatively small tentative up and down movements from month to month. This is characteristic of proximity to market bottom in terms of price.
Once again, short sale closings are continuing to climb. From January 10 to February 10, 2010, short sales were 23% of total single family residential properties.
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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