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Availability within the resale market continues to bounce within a relatively tight range as the number of listings reached 11,383 during the second week of January. The current count of available residential properties represents a modest increase of 38 units compared to the preceding week and is down 49.0 percent (10,957 units) compared to the same week of the prior year. While availability levels are well below the prior year, the number of units contracted for sale remains elevated.

 Currently, a total of 13,486 units are contracted for sale, with 10,646 homes noted as contingent while 2,840 are identified as pending. The bulk of contingent units (78.4 percent) are subject to short sales, suggesting lenders are required to release borrowers for the mortgage shortfall (i.e., difference between the net sales proceeds and the amount owed). Another 15.3 percent of contingent units are bank-owned properties, while the remaining 6.4 percent are traditional, non-distressed transactions. Given the mix of contracted properties with a contingent status, it is unlikely all units will close as planned, which may put upward pressure on the number of available listings.

The mix of properties classified as pending is much different. Pending sales are those that are awaiting

customary closing procedures to take place. A more modest 22.7 percent are short sales subject to lender

approval, while 58.9 percent are bank-owned properties. The remaining 18.4 percent are traditional, nondistressed

transactions. Consistent with previously-issued reports, we believe lenders will play an increasing role

in sales transactions going forward.

If you would like to search Las Vegas Properties Click here, or you can start your search below.  If you have any questions, or need a referral to a great mortgage professional, please call Felipe Crook toll free at 1-866-589-1646.

Prudential Americana Group Realtors

Las Vegas NV 89117

1-866-589-1646