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Las Vegas NV August 2008 REO Inventory Update: 2.8 Months Inventory, Strong Seller's Market!

By Renée Donohue~Home Photography

Services for Real Estate Pros with Savvy Home Pix B.1000860.LLC

October 15, 2008 04:40 AM

Las Vegas NV Area Foreclosed Home Listings

Bank Owned Las Vegas Listings (AKA Foreclosures, REOs) are enjoying a HOT SELLER'S MARKET! Inventory has risen dramatically (+1033 units), Pendings have dropped DRAMATICALLY (-2286 units.) <this is not good> Closing data is up up UP at + 246 units.

Multiple offers are streaming in as banks continue to lower to fire and auction sale prices.

Current Listed Bank Owned Statistics:

Listings (10/5/2007): 5226
Under Contract (10/5/2007): 3802
Sold 7/27-8/27/2008: 1958
Absorption Rate: 2.8 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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Russell Lewis

Realty Austin, Austin Texas Real Estate - Austin, TX

Broker,CLHMS,GRI

Renee, your market situation reminds me of a similar market during the early 90's here in Austin, Texas when the market finally bottomed out. Sellers finally started pricing low enough that buyers began to get back in the market and start picking up the bargains! I hope this is a sign of some continuous recovery!

Oct 15, 2008 04:47 AM

Carol Smith

Casmi Photography - Mebane, NC

Wish that were the case here. Hope you get a bunch of sales out of this!

Oct 15, 2008 06:36 AM

Renée Donohue~Home Photography

Savvy Home Pix - Allegan, MI

Western Michigan Real Estate Photographer

Russell: I hope so too! I hope the economic news will not hinder the recovery.

Carol: We are working REALLY hard here. Lots of agents and LOs are getting out of the business and that certainly helps us out!

Oct 15, 2008 09:59 AM

Larry Brewer - Benchmark Realty llc

Benchmark Realty LLc - Nashville, TN

Renee - I'm sure that the tightening of money for investors has really hurt your area. Keep pushing, this will all pass soon, and the ones still standing will own the market.

Oct 16, 2008 01:17 AM

Bill Gassett

RE/MAX Executive Realty - Hopkinton, MA

Metrowest Massachusetts Real Estate

Renee that is awesome. I remember those days of under 3 months inventory. I want those days back!

Oct 16, 2008 03:04 PM

Karen Kruschka

RE/MAX Executives - Woodbridge, VA

- "My Experience Isn't Expensive - It's PRICELESS"

Renee Did you ever think we'd see the day when absorption rate was as important as the Dow? Karen

Oct 20, 2008 01:55 AM

Joan Whitebook

BHG The Masiello Group - Nashua, NH

Consumer Focused Real Estate Services

The markets certainly vary from State to State. It is always interesting to learn what is happening in other parts of the country.

Oct 22, 2008 12:09 PM

Crystal Brummer

Brummer Realty - - Saint Louis Park, MN

Lake Calhoun, Uptown, St. Louis Park, Minneapolis Specialist

Hey Renee...It was great meeting you too! Too bad we did not get to talk much. We will have to get together with you next time we are there.

Have a great Friday:)

Oct 23, 2008 04:21 PM

Las Vegas NV August 2008 REO Inventory Update: 2.8 Months Inventory, Strong Seller's Market!

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