Las Vegas Real Estate market report June 2009

This is a report on the Las Vegas real estate market for June 2009. For more specific information, contact Felipe Crook at 1-866-589-1646

Las Vegas real estate June 2009

Kristina Black from Fidelity National Title just shot a report to me about the Las Vegas real estate market. There are some good signs in the housing market, but we're still not out of the woods yet. Here's what the report says:

Inventory: The number of resale properties on the market in the MLS continued their drop by another 391 units during the past week, reaching a total inventory of 15,171 units. Compared to the same week of the prior year, inventory levels are down 32.5 percent, or 7,315 units. With vacant properties reflecting the largest share of the decline in available units, they now represent 54.0 percent of inventory. Approximately 22.1 percent of all available inventory is identified as bank-owned, a figure that has declined from the peak of nearly 37 percent at the beginning of the year.

Sales: The number of units in a contracted status increased again by 56 units during the past week, reaching a total of 12,538 "in escrow". Contracted units represent homes that have been negotiated but are waiting to close. They consist of contingent units (8,252 homes) that are contingent on some action taking place (e.g., a lender approval on a short sale) as well as pending units (4,286) which are transactions waiting for customary closing procedures to complete. Approximately 53 percent of the contingent units are identified as awaiting short sale approval, while approximately 8.0 percent of closings during the past 30 days were noted as short sales. [Applied Analysis]

Outlook: With available units declining during the past 10 consecutive weeks (inventory shrinking by over 5,500 units during that period), and the contingent and pending units increasing by an aggregate 3,700 units during the same comparable reporting period, Las Vegas housing may finally be heading toward a recovery period. If you'd like to take advantage of these unbeatable prices, please contact me toll free at 1-866-589-1646 or email me at Felipe@felipecrook.com . You can also start your own FREE search of homes by clicking the icon below: