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! 

 
This post has been included in Nevada Information Clark County, NV Information Las Vegas, NV Information
Post is included in group: Las Vegas, NV Area Real Estate Professionals
Post is included in group: The Economics of Real Estate
Post is included in group: Las Vegas Investors and Downtown Real Estate
Post is included in group: Foreclosure Talk
Post is included in group: Foreclosure Education Forum

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

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

12/02/2007 01:28 PM by Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)


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)

jeff belonger

12/02/2007 01:56 PM by Jeff Belonger -- The FHA Expert.com -- New Jersey mortgage -- FHA mortgages (Infinity Home Mortgage Company, Inc)


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

12/02/2007 01:59 PM by Manhattan Beach CA/ e-PRO..... Kaye Thomas... (Real Estate West)


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

12/02/2007 05:53 PM by Daniel Sundberg Grand Rapids, FlexIt Real Estate (FlexIt Realty)


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! 

12/02/2007 07:52 PM by Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)


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.

12/03/2007 04:15 AM by Kris Wales- Metro Detroit real estate agent-Chesterfield Twp-Macomb County MI (RE/MAX Advantage 1, Inc.)


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.

12/03/2007 03:45 PM by Craig W. Barrett - Hughesville MD Real Estate (RE/MAX 100)


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

12/03/2007 07:13 PM by Rey Gallegos Home Loan Consultant Las Vegas, NV (A Mortgage Bank)


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!!! 

12/03/2007 11:44 PM by Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)


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

12/04/2007 05:47 AM by Crossville TN Real Estate Melissa Grant Cumberland County and Surrounding area's (Third Tennessee Realty and Associates)


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Real Estate Agent: Renee Burrows - Las Vegas NV  Real Estate (Nevada Realty Solutions)
Renee Burrows - Las Vegas NV Real Estate
Las Vegas, NV
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Page copy protected against web site content infringement by CopyscapeSpecializing in those forgotten "at" Rhodes Ranch Communities in Southwest Las Vegas that offer peek-a-boo views of the mountains and city lights! I love to watch trends and statistics in this fascinating market! I do have a newsletter that you can subscribe to - so if you want to keep in tune with the Las Vegas Real Estate Market Conditions on a monthly basis, sign up with absolutely no obligation!
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