Real Estate Blog - Las Vegas, NV REO February 2008 Inventory Absorption Update: 5.3 MONTHS!!!

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Las Vegas, NV REO February 2008 Inventory Absorption Update: 5.3 MONTHS!!!

Bank Owned Las Vegas Listings (AKA Foreclosures, REOs) are seeing some absorption! Inventory has risen slightly (+66 units), Pendings have risen DRAMATICALLY (almost double in one month +538 units) and closings have gone up considerably too (+175 units). Monthly absorption rate down slightly by almost two months!

I would say with the current frenzy this is officially a seller's market.

Current Listed Bank Owned Statistics:

Listings (3/1/2007): 2216
Under Contract (3/1/2007): 1110
Closed (1/20-2/20/2007: 415
Absorption Rate: 5.3 Months Inventory

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.

Posted by Renee Burrows - Las Vegas NV. ASK ABOUT -1st Time Buyer Down Payment Assistance! on 03/01/2008 04:20 PM

Comments (13)

las vegas nv real estate, las vegas foreclosures

Originally posted at: Nevada Real Estate >> Las Vegas Real Estate Specialist: Las Vegas, NV REO February 2008 Inventory Absorption Update: 5.3 MONTHS!!!

13 Comments on Las Vegas, NV REO February 2008 Inventory Absorption Update: 5.3 MONTHS!!!

MAR

2008

Renee: Looks like things are looking MUCH better--your numbers have taken a dramatic turn into the Seller's Market! I hope this trend continues for you.

Renee, I am so visual that I love these colored wheel graphics. Great idea!!

Renee, what a great looking market you're experiencing right now. Let's hope it continues the upswing! You do the best market reports...they're so easy to understand!

Renee, I love your reports. I am so glad that the market is improving out there. Things are better here too.

MAR

2008

Renee,

This is news that gets your heart palpitating. Although it's a sub-market it's still important that the inventory is moving. Other real estate sectors will then follow close behind and maybe we can soon close the file on this nightmare.

Renee...I have a hunch that's happening in my market, too. There's gotta be a Realtor in my market willing to publish these things...or do I have to get all edumacated myself? For goodness' sake, I'm just a loan officer, not a GENIUS.

I SO love to see good news like this! That really is quite a turn around Renee.

Renee,

I watch your market very closly because we seem to follow your lead. This is great to hear. Our activity is increasing but this is also our busy season so it's ahard to tell if we are turning or not.

How are prices?

Sharkey

Debe: Absolutely amazing to watch it happen so quickly!

Teri: Thanks. Most people are bored by numbers so I gotta throw a graphic in!

Linda: I am hoping it is not a fluke either! Thanks for the compliment!

Pat: Good news!

Esko: Most definitely! I am actually thinking about counseling buyers to throw some offers in on the short sale market. If they can accept multiple offers, why can't my buyers submit multiple offers? Gonna work on a big bad buyer purchase agreement addendum this week.

Joey: Sorry no one is on the stick for your market :( Maybe you should move here? hee hee!

Kris: Since I have been predicting this since October, I am happy it came to fruition too. I don't want to be a liar :)

Brian: Prices are low low low. New construction, REO and short sales. Some real sellers are realistic also but not a whole heck of a lot.

Renee - It looks much better to me that your stats late last year. Good luck, I hope you are making some sales.

MAR

2008

Hello Renee - I used to do real estate in Las Vegas when the listing were around 10K for SFR. I heard that it is around 20K + now. Are short sale and REO's about the only thing selling? The house I sold in Green Valley Jan 06 went for 520K now it looks like they are going for about 380K.

MAR

2008

Good to hear things are turning around for you. The market is piping hot in Canada (notwithstanding Windsor --> where I'm from) BUT at least it isn't going down. Things are stable (for now). All the best in 2008 - Sash

MAR

2008

Larry: Thanks for stopping by and the kind comments!

Michael: REO and new construction are selling. Non-Distressed Sellers that price competitively with REO and short sale and new constructions are FLYING off the market!

Sasha: Stability is a wonderful word!

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