Real Estate Blog - Las Vegas Foreclosure Inventory Update December 2007: 9.0 Months of Inventory!

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Las Vegas Foreclosure Inventory Update December 2007: 9.0 Months of Inventory!

Bank Owned Las Vegas Listings (AKA Foreclosures, REOs) are seeing some absorption! Inventory has risen slightly (+121 units), Pendings have risen considerably (+204 units) and closings have gone up too (+27 units). Monthly absorption rate down slightly by a half a month!

Current Listed Bank Owned Statistics:

Listings (12/26/2007): 2150
Under Contract (12/26/2007): 572
Closed (11/19-12/19/2007: 240
Absorption Rate: 9 Months Inventory

I am also going to be reporting on statistics in this submarket weekly because of the auctions. I do expect it to swing to a seller's market briefly or close to a seller's market for a month or two soon.

View Last Month's Report Here

If you are considering buying in this submarket, beware that it is moving!

All statistical information I used to create this report was obtained from GLVAR MLS. Information Deemed Reliable but not Guaranteed.

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Posted by Renee Burrows - Las Vegas NV Valley - Homes For Sale - SRES - SRS - AHWD - ABR on 12/26/2007 06:56 PM

Comments (4)

las vegas foreclosures, las vegas nv real estate

Originally posted at: Nevada Real Estate >> Las Vegas Real Estate Specialist: Las Vegas Foreclosure Inventory Update December 2007: 9.0 Months of Inventory!

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4 Comments on Las Vegas Foreclosure Inventory Update December 2007: 9.0 Months of Inventory!

DEC

2007

Renee, Could you please explain how you expect it to be a seller's market soon?

Bill Roberts

Hi Bill! Thanks for asking. With the pendings on the rise from the auctions (and still going) and a 60-70% close rate on REO properties, that is why I expect that. It will only be for a short time if it does happen, for a period of 2 weeks to a month but nonetheless it is exciting.

DEC

2007

It'll be a seller's market again, just probably not very soon. IMHO

George: Ask the buyers in this market, all signs of a sellers market this month: multiple offers pushing prices up. Since I wrote this absorption has gone down .1 months. I am giving a week leeway for pulling solds because of the holidays and slow data entry. That prevents me from publishing the data but doesn't prevent me from peeking at it. Looking ahead next week (provided new listings don't go through roof) we can see conservatively another month knocked off of absorption. It's getting very close to a seller's market with those statistics and data.

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