Inventory has fallen since last report (-235 units), Under Contracts have fallen (-202) units Closing data is DOWN at -5 units. Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.
REO sales accounted for 69% of all Las Vegas Area Valley resale closings in September 2009. REO listings account for only 21% of total resale listings.
Multiple offers are streaming in as banks continue to lower to fire and auction sale prices.
Current Listed Bank Owned Statistics:
Listings (10/15/2009): 2144
Under Contract (10/15/2009): 5043
Sold September 2009: 2869
Absorption Rate: 0.7 Months (THATS LESS THAN ONE MONTH = VERY LITTLE INVENTORY)