Las Vegas MLS closings for the month of December continues to show the ever growing market share of bank repos in the valley. 919 single family homes closed in the Las Vegas MLS in the final month of 2007. Here is the breakdown of who sold their homes.
- Bank Repos 37.1%
- Shortsales 5.2%
- New Homes 11.32%
- Owners 46.4%
Institutional sellers, banks and corporations, accounted for more than half of the sales in the Las Vegas real estate market area in December – 53.6%. These are sellers who do not need to worry about paying off a loan or carrying forward equity into a new purchase. The effect on the market was evident. December saw the greatest decline of prices this year in my Average Joe Index. Closings in the first 10 days of January shows greater market growth of bank sales. As this inventory is a “must sell” inventory, prices will continue to slide in the Las Vegas and Henderson.
