The Las Vegas area has worked through its REO inventory faster than most other markets, down 67% over the last 18 months. In the last two years, pre-foreclosure activity has fallen by 68%, further decreasing the supply of distressed properties.
Supply will improve in this region throughout 2014 due to more listings and average new building activity. But DataQuick says these gains arent enough to bring sales volume increases above the study average of 12%. The upside is property appreciation, up 29% through the end of July, will probably continue to be higher than most markets.