Short Sale Closings are on the Rise -  Available short sale listings continue to decline with just under 5300 currenly on the market. However short sale closing made up nearly nine percent (9%) of all June closings - up from seven percent (7%) of the closings in May. Meanwhile, REO listings have dropped under 2800 available listings in the Las Vegas, North Las Vegas, and Henderson areas. Its fair to say that new REO listings are coming on the market at the same rate existing REO listings go under contract.

Here is a price breakdown of the currently available REO properties in Las Vegas, North Las Vegas and Henderson.

Lets download the June  2009 Greater Las Vegas Market Stats  for Single Family Residences listed under one million dollars. Please note the "Available Homes" count; inventory levels dropped significantly in each of the past five months even as the closings have soared. This inventory drop combined with the increased sales activity sent the one month absorbtion rate to 42%. REO sales still accounted for just under seventy-five percent (74.5%) of the June closings.  The overwhelming demand for bank foreclosures has resulted in the most competitve multiple offer situation that we have witnessed since the fierce sellers market in 2005.

June closings sold according to the following terms:

Sold Term Average Sale Price

• Cash  38%.....$108,000
• Conv 24%.....$185,000
• FHA  31%......$155,000
• VA      6%.......$189,000

Market activity and closed units again soared in June as we enjoy one of the hottest summer markets ever.  Its also worth noting that the number of pended short sales is now about equal to the number of pended REO listings. 

Felipe Crook

Prudential Americana Group Realtors

Las Vegas NV 89117

1-866-589-1646

Market Report Compiled by:  Forrest Barbee, Corporate Broker, Prudential Americana Group