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 

 

 

 

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

FEB
17
2008
120,951 Points 1 Featured Post Outside Blog

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

 
1:57pm • #1
165,962 Points 2 Featured Posts Outside Blog
This is great information on your area. I hope this helps people make a good decision in the area. 
2:34pm • #2
237,703 Points 30 Featured Posts Localism Sponsor Outside Blog

good for you girl looks like some movement in your market place!!!   See ya soon!
2:48pm • #3
525,366 Points 45 Featured Posts Outside Blog
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.
4:43pm • #4
Localism Sponsor
Good to see that 975 are under contract
6:42pm • #5
383,621 Points 48 Featured Posts Localism Sponsor Outside Blog

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! 
7:14pm • #6
188,278 Points 38 Featured Posts Outside Blog
That is encouraging news, Renee! Are you seeing mostly homeowners or is there a good mix with investors, too?
10:42pm • #7
1 Featured Post Localism Sponsor
Renee, I have to comment on your impressive graphics!  They're too cool! 
11:31pm • #8
FEB
18
2008
254,427 Points 26 Featured Posts Outside Blog
Renee - this looks impressive - what wonderful news - go get em gal
12:11am • #9
219,517 Points 42 Featured Posts Outside Blog Hit Router
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.
5:19am • #10
389,688 Points 74 Featured Posts Outside Blog
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.
6:34am • #11
151,993 Points 1 Featured Post Outside Blog

Simple law of pricing. Why do people forget!
4:53pm • #12
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!
9:27pm • #13
113,436 Points 1 Featured Post Outside Blog

Renee:

Viva Las Vegas! Sell sell sell Ha. This is indeed good news. It is about time right. Ha
9:39pm • #14
11 Featured Posts

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.
9:44pm • #15
FEB
25
2008
383,621 Points 48 Featured Posts Localism Sponsor Outside Blog

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!
11:00am • #16

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Renee Burrows - Las Vegas NV. ASK ABOUT -1st Time Buyer Down Payment Assistance!

Las Vegas, NV

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Nevada Realty Solutions - Realtor - Estate - Probate - REO

Address: 8942 Spanish Ridge Avenue, Las Vegas, NV, 89148

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