Las Vegas Real Estate Market Report for March 2010 – Short Sales, REOs and Traditional Closings
ByThe Las Vegas Real Estate Market Condition Report for FEBRUARY 2010-MARCH 2010 , courtesy of Nevada Title Company with chart breakdowns of short sale and REO (Bank-owned) closings is presented here for your review.
Supply declined 666 units from last month’s count while demand declined 111 units. Failures dipped also posting a 443 unit decline. In Escrow properties (pending-contingent) jumped by 883 units—a significant increase. Due to changes in demand/supply and the decline in failures, Percent Selling moved up 4 points to 56%. Percent Selling varies considerably according to sales type. Observe Percent Selling for REO has moved to 90%. Short and Standard selling probabilities are also increasing, but at a slow pace. Note from the Historical Performance Table that overall median price has stabilized in the mid $130’s. Large shifts in the price schedule are no longer apparent, however, no consistent positive trend is evident either. The tight demand/supply situation should place upward pressure on the price schedule. However, the fragile local economy and weak labor markets, which drive foreclosures and very tight appraisal policies, appear to be dampening market forces.
Short Sale supply declined from last month but demand moved up 30 units. Months Supply tightened by 1 month. Market Speed is slow (but increasing). Percent Selling remains depressed but continues to increase slowly. Escrow inventory remains at high levels and is increasing. CDOM(Combined Days on the Market) is elevated when compared to REO/Standard. Prices are weak with that trend likely to continue.
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