Las Vegas Market Stats-What Does it ALL Mean?

It's time for another weekly dose of your Las Vegas Market Stats!

As of today there are;

6,092 SFR/Condos Available

35% are Short Sales

16% are Bank Owned (REO's)

49% are Equity WWWOOOOOWWWWWWZZZZZERS!!!

Last Week 1,469 went into escrow (accepted an offer)

46% were Short Sales

27% were Bank Owned (REO's)

27% were Equity

Last week 564 Closed Escrow!

25% were Short Sales

37% were Bank Owned (REO's)

38% were Equity

Though REO's have dominated the Las Vegas market the last couple of years, with the implementation of AB284, we've obviously seen that take a HUGE hit.  REO's are still moving, rapidly! 

If you've got Buyers looking at REO's (if you're selling homes then you probably do!) know this:  There are only 971 REO's available today.  Last week 404 went into escrow.  That means we currently have just over a 2 week supply of REO's.  Buyers need to MOVE if they want these homes.  We are back to multiple offers over list price!  Agents, if your Buyers are upset with the market, take responsibility.  It's up to us as the professional guiding them through the process to educate them on the market which means as agents we MUST actually track and understand the market and the trends!  Knowing the market is just as much part of your job as knowing how to use the MLS or fill in a contract... and truthfully, knowing the market will make you waaaaaaaay more money! 

Go get 'em!