Las Vegas Foreclosure Inventory Update December 2007: 9.0 Months of Inventory!

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

Bank Owned Las Vegas Listings (AKA Foreclosures, REOs) are seeing some absorption!  Inventory has risen slightly (+121 units), Pendings have risen considerably (+204 units) and closings have gone up too (+27 units).  Monthly absorption rate down slightly by a half a month!

Current Listed Bank Owned Statistics:

  • Listings (12/26/2007): 2150
  • Under Contract (12/26/2007):  572
  • Closed (11/19-12/19/2007: 240
  • Absorption Rate:  9 Months Inventory
I am also going to be reporting on statistics in this submarket weekly because of the auctions.  I do expect it to swing to a seller's market briefly or close to a seller's market for a month or two soon.

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

 

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Rainmaker
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Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

Renee, Could you please explain how you expect it to be a seller's market soon?

Bill Roberts

Dec 26, 2007 11:15 AM #1
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Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer
Hi Bill!  Thanks for asking.  With the pendings on the rise from the auctions (and still going) and a 60-70% close rate on REO properties, that is why I expect that.  It will only be for a short time if it does happen, for a period of 2 weeks to a month but nonetheless it is exciting.
Dec 26, 2007 12:02 PM #2
Rainer
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George Panoff, Your Buyer of Distressed Properties in MD
DBA GR Enterprise - Baltimore, MD
It'll be a seller's market again, just probably not very soon. IMHO
Dec 30, 2007 04:30 AM #3
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Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer
George:  Ask the buyers in this market, all signs of a sellers market this month:  multiple offers pushing prices up.  Since I wrote this absorption has gone down .1 months.  I am giving a week leeway for pulling solds because of the holidays and slow data entry.  That prevents me from publishing the data but doesn't prevent me from peeking at it.  Looking ahead next week (provided new listings don't go through roof) we can see conservatively another month knocked off of absorption.  It's getting very close to a seller's market with those statistics and data.
Dec 30, 2007 05:34 AM #4
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