Las Vegas NV Area January 2009 REO Inventory Update: Tight Market!

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

Las Vegas Area REO Homes For Sale

Even though bank owned listings (aka Foreclosures, REO) are seeing an upward tick in absorption, it is still a seller's market! Inventory has fallen dramatically (-835 units), Pendings have risen +709 units  Closing data is slightly down at -84 units.   Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.   Foreclosures are showing NO signs of stopping!

REO sales accounted for 82.4% of all Las Vegas Area Valley resales in December 2008.  REO listings account for only 35% 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 (2/15/2009): 7237
  • Under Contract (2/15/2009): 4299
  • Sold January 2009:  2161
  • Absorption Rate:  3.3 Months

View Last Month's Report Here  

To find the most recent report, click here

If you are thinking about buying an REO (Foreclosure or Bank Owned) property in the Las Vegas Area Please Call:  702-966-2494:

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.

 

Posted by

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

 

copyright 2006-2013 Renee Burrows, REALTOR®, Savvy Home Realty Solutions  702-966-2494

Blog Disclaimer Important Notice

Realtor/MLS Member, NAR, NVAR, GLVARAccredited Buyer's RepresentativeSeller Representative SpecialistSenior Real Estate SpecialistAt Home with DiversityResort & Second Home Property SpecialistShort Sale Foreclosure Resource

 

 

 

Sell Las Vegas Home          Las Vegas Homes for Sale     Las Vegas Rental House

              

 

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
Nevada Clark County Las Vegas Apache Springs
Groups:
Las Vegas, NV Area Real Estate Professionals
Market Updates
City and State
Las Vegas Foreclosures - Homes, High-Rises-Condos
Market Reports
Tags:
las vegas foreclosures
las vegas nv real estate

Spam prevention
Show All Comments
Rainmaker
1,928,220
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Renee

How is your market doing for multi families.

Sincerely

Tom Braatz

Mar 08, 2009 06:43 AM #1
Ambassador
1,509,742
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Tom:  Interesting question!  I would say multi-family foreclosures are just starting ;)  That market still needs to correct.

Mar 08, 2009 01:59 PM #2
Ambassador
517,445
Stanton Homes
Stanton Homes - New Home Builder - Raleigh, NC
Design/Build Custom Home Builder in North Carolina

An absorption rate of only 3.3 months is pretty significant - I bet you're starting to see a lot of multiple offers, and homes selling over their final list price.

Mar 13, 2009 08:44 AM #3
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
1,509,742

Renée Donohue~Home Photography

Western Michigan Real Estate Photographer
How May I Assist You With Your Las Vegas Real Estate Needs?
*
*
*
*
Spam prevention

Additional Information