Let’s 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 ghe most competitve multiple offer situation that we have witnessed since the fierce seller’s market in 2005.

Here is a breakdown of by price point as to how the REO properties sold in June: 

 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.  It’s also worth noting that the number of pended short sales is now about equal to the number of pended REO listings.  It is now more important than ever to learn how to properly work a short sale sellers and buyers.   I strongly suggest you consider taking one of the upcoming short sale CE classes or designation courses in the weeks ahead.  This is expertise you will need in the months ahead.

 Click here for the Certified Short Sale Designation Course offerings in July.