Homes Listed that Actually Sell is Up Dramatically
The number of homes selling each month is down slightly from a year ago. However, the percentage of homes listed that actually sell is up dramatically. In addition to that, there is a much larger number of new homes being sold in southern Nevada.
As we discussed last month, another positive sign that the real estate market has turned is the precipitous decline in the number of foreclosures over the last year. The rumors that banks are "sitting on all the foreclosures" is vastly exaggerated. While mortgage holders have reduced their reliance on foreclosure in favor of short sales, they do not own a significant number of homes. As soon as they do foreclose, they list those homes in the Las Vegas MLS. If you know anyone looking to buy a foreclosure, call me at 702-277-6599. I can help navigate the peculiarities of foreclosure sales.
