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Apr
30

Las Vegas Real Estate Market Report for April 2010 – Las Vegas Short Sale Statistics

By Kathryn Bovard

The Las Vegas Real Estate Market Condition Report for March 2010-April 2010 , courtesy of Nevada Title Company with chart breakdowns of all closings by type and Las Vegas short sale closings is presented here for your review.

Las Vegas Homes Supply continued its decline while demand increased marginally over last month. Failures remain relatively constant in the current range dictating an overall closing probability of about 56%. This probability has remained rather constant for the last several months and varies considerably according to sales type. In Escrow properties (pending/contingent) jumped by 749 units—a significant increase. Note from the Market History Table that overall median price, which had been holding in the mid $130′s, has now begun to increase with three positive outcomes in a row.

The last change in median price (April = +$6,900) is a very strong positive indicator. The tight supply/demand situation should continue to place upward pressure on the price schedule (especially REO). The upper price ranges, while showing some activity, continue to suffer from lack of demand.

Las Vegas Short Sale supply declined slightly from last month but demand moved up 59 units. Market Speed is still slow (but increasing). Percent Selling remains depressed and stable. Escrow inventory remains at high levels and continues to increase. In April of 2009, the percentage of Las Vegas Short Sale closings was 8.5%. In April of 2010, it climbed to 26%. This growth rate is one-third faster than Standard Sale growth. The closing process remains inefficient and challenging.

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 foreclosure alternatives consultation regarding your options.

Call Kathryn, Las Vegas Short Sale REALTOR at 702-348-7191.

Looking to buy property in the Las Vegas Area?  Start your free Las Vegas Homes search now.

Related posts:

  1. Las Vegas Short Sale and Real Estate Market Report for May 2010
  2. Las Vegas Real Estate Market Condition Report for January 2010 – Short Sales Makeup 22% of Closings
  3. Las Vegas Real Estate Market Report for March 2010 – Short Sales, REOs and Traditional Closings

Categories : Las Vegas Market

Comments

  1. Great blog post.Really looking forward to read more.

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