Las Vegas NV Area November 2009 REO Inventory Update: Still Very Little Inventory

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

Las Vegas Area Foreclosures For Sale - Pending - Sold

Las Vegas Area REO Inventory has risen since last report (+10 units), Under Contracts have fallen (-543) units  Closing data has vallen (-491 units).  Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.  

REO sales accounted for 63% of all Las Vegas Area Valley resale closings in October 2009.  REO listings account for only 22% of total resale listings.

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

Current Listed Bank Owned Statistics:

  • Listings (12/15/2009): 2253
  • Under Contract (12/15/2009): 3911
  • Sold November 2009:  2378
  • Absorption Rate:  0.9 Months (THATS LESS THAN ONE MONTH = VERY LITTLE INVENTORY)

View Last Month's Report Here  

To find the most recent report, click here

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Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

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Rainer
104,817
Debbie Aldrich
The Watts Group Real Estate - Cottonwood Heights, UT
Salt Lake City Realtor - Salt Lake County, Cottonwood Heights

Renee....Wow, the absorption rate is incredible, I hope you are staying as busy as I have been this winter, from those numbers it sounds like you are.  Sweet!!!  Merry Christmas!!

Dec 18, 2009 03:06 AM #1
Rainmaker
1,560,731
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

I like the new look . . . with the background.  Screw the stats . . . I like the pretty pictures!!  ;-)

Dec 18, 2009 03:34 AM #2
Rainmaker
325,871
Esko Kiuru
Bethesda, MD

Renee,

REO closings were a whopping 63% of the total, leaving very little for the rest of the categories. Inventory is moving is a good thing.

Dec 18, 2009 04:52 AM #3
Rainmaker
312,205
John Occhi
Mason Real Estate - Temecula, CA
SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate

YOu sure have the ability to have some great photo backdrops for your reports - love the shot of Paris...I'm going to have to get my butt to LV some time soon...just talking with a client heading that way this weekend and I'm starting to wish I was too.

Thanks for the update,

Merry Christmas,

John

Dec 18, 2009 09:49 AM #4
Ambassador
429,035
Rich Cederberg
eXp Realty - Albuquerque, NM
eXp Realty Agent Albuquerque

Renee,

63% of the closed sales in Las Vegas Valley were bank owned properties?

Your Las Vegas Real Estate Reports are fun to read, your market is so different from mine!

Good luck with all those REO's!

Dec 19, 2009 02:07 AM #5
Ambassador
1,509,742
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Debbie:  Always very busy with Realtors calling this "slow season!"

Carla:  LOL!  Glad to make your visit aesthetically pleasing!

Esko:  Very sad but it is good that it is moving!  Most Non Distressed that is moving (a little over 20%) is trustee sale flips so really still foreclosures!

John:  Holler at your girl when you make your way here!

Rich:  Totally different!  I envy your market!

Dec 19, 2009 04:30 AM #6
Rainmaker
232,001
Emily Lowe
The Lipman Group | Sotheby's International Realty - Nashville, TN
Nashville TN Realtor

Wow - 63% sold were distressed props???  Crazy.  BTW, I like your new pic - I actually did the same thing a couple of weekends ago!!!  Mechanical bull = not really for me...

Dec 20, 2009 01:34 PM #7
Ambassador
1,509,742
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Emily:  I think in my drunken stupidity I bit my tongue too while doing that!

Dec 22, 2009 01:21 AM #8
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