Real Estate Blog - All Eyes on Vegas: Las Vegas Foreclosures Pre-Auction Stats

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All Eyes on Vegas: Las Vegas Foreclosures Pre-Auction Stats

With three auctions on Bank Owned (REO) properties in the next 8 days, I decided I should post stats approx mid month, before the Las Vegas foreclosure auctions and then I will post weekly until my next market report is due (around Christmas week.) This is to monitor pendings and sales in conjunction with those auctions!

I am happy to report there are literally 1000s of people interested in the 600-ish properties that are on the auction block. I am even happier to report this has brought buyers into the market. I have a non-distressed listing priced well that generated 3 showings yesterday. I will be writing three buyer contracts and possibly a fourth today. None on auction properties. Two bank owned, one a short sale and the other a pre-foreclosure. Would love to write those four contracts and get an offer on my listing to make it five in one day! It would be very beautiful to have five escrows in one week in December during a "bad market", assuming they would all fly, odds are they won't. Another reason why I am writing this!

Here are last month's stats.

Here is what we are looking at currently with foreclosure listings:

Listings (12/2/2007): 2108
Under Contract (12/2/2007); 377
Sold (10/29-11/29/2007): 218
Month's Inventory: 9.6

Listings since the last report (11/21/2007) have risen by 79 units. Pendings have risen by 9 units. Solds have risen by 5 units. Monthly absorption has gone up by 0.1 months.

If you are a seller in this market and your home is overpriced, you will miss out on the opportunity the next 8 days will provide.

Manana until next week!

Posted by Renee Burrows - Las Vegas NV. ASK ABOUT -1st Time Buyer Down Payment Assistance! on 12/02/2007 01:04 PM

Comments (11)

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Originally posted at: Nevada Real Estate >> Las Vegas Real Estate Specialist: All Eyes on Vegas: Las Vegas Foreclosures Pre-Auction Stats

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11 Comments on All Eyes on Vegas: Las Vegas Foreclosures Pre-Auction Stats

DEC

2007

Do you consider that high numbers? In my area I do.

Neal: When you look at entire city absorption, the absorption is decent although it remains a buyer's market!

Renee.... it was good talking to you the other day. So, can I still get a foreclosure home or even better, or a home at an auction with no money down? ;o)

It will be interesting to see how much interest the auctions generate.. and whether the potential buyers are owner occupied or investor driven..

Those numbers for foreclosure absorption don't look that horrible. Its just not really what we want to see yet.

Jeff: (*&%*($&)%&$^

Kaye: IT WILL! I am excited to watch this play out! Thanks for stopping by.

Daniel: I think with three auctions and all the activity out there, there is good possibility for some very nice absorption. Although BPOs have risen tremendously as of late!

DEC

2007

I'm going to be following this..I'm curious to see how it all plays out. I really like to see that you used the word "risen" often in your post. That means things are looking up! Nice job Renee.

This is interesting. Like others, I'm curious of the effectiveness of the auctions. I imagine with the level of interest you described it will be a successful event.

The quicker the inventory is liquidated, the quicker we can get it on the books and stabalize the market! Sell em all I say!

Kris: Well we have moved up 6 pendings from yesterday but I imagine it may take up to a week for the larger REO agents to get all the details in order and status' changed. I am looking up and I would REALLY like to see the pendings rise to a VERY CONSERVATIVE 500 in the next two weeks. We will see if I am that cool to have my minimum expectations met :wink:

Craig: Sounds like it was!

Rey: NO DOUBT!!!

DEC

2007

Interesting, just goes to show how numbers are totally different in other area's, here that home wouldn't even be shown..lol

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