Bank Owned Las Vegas Listings (AKA Foreclosures, REOs) are seeing some absorption!  Inventory has risen slightly (+158 units), Pendings have risen considerably (+174 units) and closings have gone up too (+76 units).  Monthly absorption rate down slightly by almost two months!

This market is swinging into a neutral seller's market and judging by the "multiple offer frenzy" the next month will be very interesting to say the least!! 

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 continuing my weekly market reports in this micro market because of the frenzy that is going on.

View Last Month's Report Here  

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

If you are interested in buying REO bulk packages starting at 30 cents on the dollar, $7 million minimum, do not hesitate to contact me! 

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

2 Comments on Las Vegas, NV REO Inventory Update January 2008: 7.3 Month's Inventory!

Hi Renee..Looks like sales are picking up!!

Cheers, have a great day!

01/27/2008 01:27 PM by Fred Carver,Victoria BC Realtor (Re/Max Camosun Victoria Real Estate)

I'm tired of showing homes that are colder inside than outside and outside is below freezing. Also, tired of trudging through the snow.

01/27/2008 01:47 PM by Jay McGillicuddy~Real Estate Broker (Prudential Verani Realty)

This blog does not allow anonymous comments
 
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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Nevada Realty Solutions

Office Phone: (702) 966-2494 Ext.: 0
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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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