Las Vegas, NV April 2008 REO Inventory Update: A Seller's Market @ 4 Months Inventory

Las Vegas Area Foreclosure Listing Statistics

Bank Owned Las Vegas Listings (AKA Foreclosures, REOs) are seeing some absorption!  Inventory has risen DRAMATICALLY (+1535 units), Pendings have risen DRAMATICALLY  (+1509 units.) Closing data is unavailable due to MLS changes last month (SORRY!) 

Just like I mentioned last month, the inventory has risen dramatically!  Luckily pendings have also.  Are banks holding on for awhile and having controlled releases?  Absorption rate is 4.0 months.  This is very much a seller's market. 

There are some wild numbers out there in the blogosphere in regards to percentage of bank owned sold vs other sold.  All the solds for the same time period = 2032 units.  The percentage of REO's being sold in the market is 48.7%.  The number of REO Listings represents 18.4% of the resale market.

Current Listed Bank Owned Statistics:

  • Listings (5/5/2007): 3912
  • Under Contract (5/5/2007): 2534
  • Sold 3/23-4/23/2008:  990
  • Absorption Rate:  4.0 Months

View Last Month's Report Here  

If you would like to buy a bank owned property call 702-966-2494, press option 1 and let us know what you are looking for.  We will set you up on a search to have the new listings emailed to you as soon as they hit the market!

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.
 
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3 Comments on Las Vegas, NV April 2008 REO Inventory Update: A Seller's Market @ 4 Months Inventory

Those are amazing numbers. You could be teaching about how to deal with massive amounts of REO properties. I see very few out here.

05/05/2008 09:42 PM by Nashville Real Estate - Larry Brewer (Keller Williams)

You are lucky to see very few out there!  They have been a double edged sword for us, stimulated our market but the consumer is so focused on buying them they could miss out on something better!

05/14/2008 11:51 PM by Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)

Hi Renee,

Are you going to the five star reo conferences in Dallas?  I am debating whether the money and time spent is worth it!

06/12/2008 05:38 PM by Aida Pinto REO Broker/Notary Public (ReoLicensedSpecialist.com)

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

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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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