Las Vegas Real Estate Blog

Las Vegas Housing Market Update

10.29.2007 | 8:05 pm | Uncategorized

Well, here are your Las Vegas Market numbers for today, as of October 27, 2007 @ 2:30 pm…

SFR, condos and townhomes on the market - 28,169:  Number vacant - 13,445:     Number pending or contingent - 2225:  Number sold in last 30 days - 1152:         Number marked as short sales - 3852:  Number marked as REO - 1872:  Total number of properties marked as distressed - 5724    

This means there is currently a 47.7% vacancy rate.  Here’s something that’s interesting, 72% of resales under contract right now were vacant when they went into contract.  The number of resales that have closed in the past 30 days is equal to 4% of what is on the market today.  You may have wondered why I wrote “Number marked as” on the REOs and short sales.  Well, those selections are optional right now.  As I have taken buyers around and searched the MLS, I have noticed that only about 75% of the REOs are actually marked as ‘REPO’ in the property description.  Going solely by the numbers indicated in the MLS, approximately 20% of our resale inventory are distressed properties.  I believe our actual number to be  23 - 25%.

Hope this is useful info for someone out there other than me!