Real Estate Blog - Las Vegas, NV Area Bank Owned Listings: We Are Seeing a Seller's Market!

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Las Vegas, NV Area Bank Owned Listings: We Are Seeing a Seller's Market!

Las Vegas REO Listings

The bank owned market is officially a seller's market. We have seen all the signs in the last two months as the December auctions have jump started the interest in this market!

I am EXTREMELY happy to report that since those December auctions: Listings have stayed stable, Pendings have tripled and Sales have doubled. We currently have only 5.5 months of inventory in this market and banks are seeing multiple offers on properties that are priced well.

Absorption history:

October 2007: 9.7 months
November 2007: 9.5 months
December 2007: 9 Months
January 2007: 7.7 Months
February 2007: 5.5 Months

Current Bank Owned (REO/Foreclosure) Listing Statistics:

Listings (February 17, 2008): 2220
Under Contract (February 17, 2008): 975
Sold 1/11-2/11/2008: 403
Month's Inventory 5.5

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Posted by Renee Burrows - Las Vegas NV Valley - Homes For Sale - SRES - SRS - AHWD - ABR on 02/17/2008 12:07 PM

Comments (16)

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Originally posted at: Nevada Real Estate >> Las Vegas Real Estate Specialist: Las Vegas, NV Area Bank Owned Listings: We Are Seeing a Seller's Market!

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16 Comments on Las Vegas, NV Area Bank Owned Listings: We Are Seeing a Seller's Market!

FEB

2008

I am glad to see you getting sales in your market. I wish you continue success. Have a great weekend.
J.

This is great information on your area. I hope this helps people make a good decision in the area.

good for you girl looks like some movement in your market place!!! See ya soon!

So glad to see so few months of inventory in Las Vegas. I hope the trend extends to all the other areas of the country.

Good to see that 975 are under contract

Jeff: It is exciting. Hope your weekend was greattoo!

James: Thanks!

Desiree: Major movement and I am running ragged! See ya in a couple weeks!

Sharon: I want to send some your way too!

Maria: It's crazy with multiple offers!

That is encouraging news, Renee! Are you seeing mostly homeowners or is there a good mix with investors, too?

Renee, I have to comment on your impressive graphics! They're too cool!

FEB

2008

Renee - this looks impressive - what wonderful news - go get em gal

When I saw the "under contract" statistics I said WOW! I'm so glad to hear that your consumers in Las Vegas are having this kind of turnaround.

I'm busy with both listings and buyers so something must be happening.... and the buyers are all coming in with 20% down which is unusual.

Simple law of pricing. Why do people forget!

My asset managers are pricing properties according to the market for the most part. And, we are getting showings and offers. It all comes down to pricing!

Renee:

Viva Las Vegas! Sell sell sell Ha. This is indeed good news. It is about time right. Ha

Great stats, Renee.

I met last week with one of the top brokers in town. He was an economist before he was in real estate. He firmly believes that once we are at 5 months absorbtion overall, not just bank-owned, that values will start to increase again and we will see a flood of business once again. Because the homebuilders have stopped production, he believes this may occur as early as the end of summer.

Although I wasn't convinced, it was an interesting theory. Your data here definitely shows he may be on to something.

By the way, more big auctions next month.

FEB

2008

Ken: A little of everything. Lots of cash down or well qualified VA/FHA buyers.

Natalie: LOL!

Thesa: I am trying! I hate multiple offer situations!

Kris: The stats are growing in impressive numbers by the day. Literally by the hour, amazing!

Neal: YES! Check out my reply to Ken. It isn't unusual to see half down or all cash either!

Ann: :shrug: Dunno!

Laurie: Absolutely

Alan: Crazy stuff goin on here!

Aaron: Provided we see stability with interest rates and loan products, I see no stopping!

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