The following Las Vegas Real Estate Market Condition Report is provided Courtesy of Nevada Title Company
JULY 2009 (EVALUATION PERIOD:  MAY‐JUNE 2009)

Months Supply is 2.8 and declining. This is a "tight" market overall, however, most of this supply/demand constriction is centered in the REO segment. Active listings (supply) declined by about 1,150 units from last month, while sales per month (demand) increased by 181 units. Percent Selling inched up by 3 points as failures declined 214 units. Market Speed jumped 10 points (agents should "feel" busier) but growth in speed is slowing. The lower limit of current median price for SFR properties is set by the pending price of REO properties‐‐$125K‐‐which matches June's $125K.

In general, supply continues to weaken at a slowing rate while demand (mostly REO) is holding steady at the current 75%‐80% of total demand. Expect closings to continue to rise due to the significant rise in properties in escrow but the pace of that increase is slowing. Price weakness will tend to persist so long as the REO market continues to dominate and the level of foreclosures remain high. However, current active inventory is relatively low. This decline has reached a point where price stabilization appears to have arrived or is in the offing. This count of Clark County REO is 25,051 and steady with a slight positive propensity.

REO supply is down about 350 units from June while demand increased about 75 units in concert with a declining trend of failures. This translates into rising Percent Selling and Market Speed, while Months Supply is at a very low .8 month (24 days). Currently, 76% of SFR demand is satisfied by REO listings, while on the supply side 21% of listings are REO. Given high REO levels, this segment will continue to dominate the scene by satisfying high levels of demand and suppressing price as buyers seek the market best values. However, competition amongst buyers is keen for this class and the price appears to be responding to the intense level of demand.

Short Sale supply is in decline from June by about 500 units.  Demand increased by a slight 23 units with a tendency to increase slightly month to 
month.  Notice the depressed level of Percent Selling and Market Speed, while Months Supply is 12 times that of non‐distressed properties and 17 
times of REO (unchanged from last month).  The high level of CDOM supports anecdotal reports of a difficult and unpredictable closing process 
that does not appear to be changing significantly.  See that price will continue to slide to a Short Sale limit of about $159K.

Are you a Homeowner Considering a Las Vegas Short Sale?

The O'Brien-Nikolv Team are experts with the Las Vegas short sale process.

Jan O'Brien is the co-author of the Certified Foreclosure Alternatives Consultant designation course.   Call Us direct at 702-608-5260 to schedule a Foreclosure Alternatives Consultation today.