Nevada Real Estate >> Las Vegas Real Estate Specialist: December 2007

Las Vegas Foreclosure Listings: Three Weeks After Auctions, ABSORPTION BEGINS!

Las Vegas Foreclosure Listings

Pendings have risen well over the 500 I predicted several weeks ago from these Las Vegas Foreclosure auctions!  Three weeks post we are looking at rising closings (+6 Units/one week) and rising pendings (+13 Units/one week)!  Yes we are seeing listings rise (+38 units/one week).   I am almost wondering if this market may swing into a seller's market for one or two months early in 2008.  It is definitely the closest thing to a seller's market when you break down all the sub markets here.  

The closings I have pulled are only until the 22nd due to the holidays and maybe some late entries in the MLS.  What I am seeing after the 22 is phenomenal and I am sure we will see plenty of recordings on the 31st to hit the end of the month/year.  Next week we will see some interesting absorption :) 

Here are current REO (bank owned, foreclosure) statistics:

  • Listings (12/30/2007):  2170
  • Under Contract (12/30/2007):  570
  • Sold (11/22-12/22/2007):  242
  • Month's Inventory: 8.9 <~ Down 0.1 months from one week ago!

 

View last weeks stats here.

View Monthly stats here. 


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

 

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

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Comment balloon 12 commentsRenée Burrows • December 30 2007 01:20PM
Las Vegas Foreclosure Listings: Three Weeks After Auctions,…
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Pendings have risen well over the 500 I predicted several weeks ago from these Las Vegas Foreclosure auctions! Three weeks post we are looking at rising closings (+6 Units/one week) and rising pendings (+13 Units/one week)! Yes we are seeing… more
Nevada Takes Title For Fastest Growing State Again!
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Las Vegas Foreclosure Inventory Update December 2007: 9. 0 Months of…
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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… more
Short Sale Inventory Update December 2007: 6. 6 Years of Inentory!
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The absorption rate for Las Vegas Short Sales has risen once again in December 2007. Inventory has risen dramatically (+204 Units), closings (sales) have also decreased (-18 units) in this sector. Pendings (+46 units) are only up nicely but they… more
Las Vegas High Rise Inventory Update December 2007: 4. 7 Years!!
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We have seen the Las Vegas, NV high rise real estate market have a phenomenal (and scary) jump in inventory in the last several months. For several reasons: Too many speculators in that market. They want to close n flip. They are not interested… more
Las Vegas Foreclosure Stats: Two Weeks After the Auctions
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I may have been a little conservative when I estimated weeks ago that we would see 500 pendings rise from these Las Vegas Foreclosure auctions! Two weeks post we are looking at rising closings and rising pendings (+57 Units)! Yes we are seeing… more
Rhodes Ranch Area Active Listings/Sold/Rental Real Estate Market…
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This Rhodes Ranch Area market report was generated on December 22, 2007 (graph on bottom): Active Listings : 466 Under Contract: 85 Sold 11/15-12/15/2007: 38 Months Inventory: 12. 2 (major one week drop) Low: $138, 000; High: $3, 490, 000; Median: … more
Welcome Home to Southwest Las Vegas Neighborhoods: Huntington at…
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Huntington at Rhodes Ranch is snuggled in the southwest Las Vegas valley foothills. They feature great peek-a-boo views of the mountains to the west and to the north! Schools (12/20/2007) Zoned are: Sierra Vista High School, Faiss Middle School.. more
Welcome Home to Southwest Las Vegas Neighborhoods: Liberty @ Warm…
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Liberty @ Warm Springs is snuggled in the southwest Las Vegas valley foothills. They feature great peek-a-boo views of the mountains to the west and to the north! Schools (12/20/2007) Zoned are: Sierra Vista High School, Faiss Middle School &… more
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Where is Your Slice of the Pie? Las Vegas November 2007 Macros Broken…
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All SFR, Townhome, Condo Listings: Listings (12/9/2007): 25691 Under Contract (12/9/2007(: 2304 Sold November: 1137 Month's Inventory: 22. 5 All SFR Listings: Listings (12/9/2007): 20241 Under Contract (12/9/2007): 1886 Sold November: 956… more
Las Vegas Foreclosure Stats: One Week Past the Last Auction
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YES! We hit the magic 500 Las Vegas Foreclosure pending number that I predicted several weeks ago. There are exactly 500 REO listings under contract as of today. That is +64 units from last week up 123 units from two weeks ago and up 214… more
Las Vegas, NV: Foreclosure Help for Homeowners!
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NV ranks very high with foreclosures and looming foreclosures. Unfortunately with this comes scam artists and fraudulent practices which the homeowner thinks they may have saved their home but in the end, they do not! Make sure you investigate every… more
Rhodes Ranch Area Active Listings/Sold/Rental Real Estate Market…
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This Rhodes Ranch Area market report was generated on December 14, 2007 (graph on bottom): Active Listings : 469 Under Contract:84 Sold 11/5-12/5/2007: 28 Months Inventory: 16. 8 Low: $110, 000; High: $3, 490, 000; Median: 275, 000 (listing prices… more
Las Vegas Sellers: Pricing is Essential in this Market!
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Right now, with so much inventory, pricing is your #1 marketing tool. Currently your main competition is (in order): New Construction : New construction set the trend with prices. The prices began to drop beginning of September and the bottom… more
Maximizing Your Rents from a Las Vegas Rental Property
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By special request :) How could you shorten your vacancies and maximize the amount of rent you receive for your Las Vegas Rental Property? Short Term Rental. By allowing a shorter term rental (less than one year and greater than one month, ) you are… more
Pet Night w/ Santa @ Town Square Mall!
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Wednesday December 12 will be pet night w/ Santa at the newly opened Town Square Mall on Wednesday, Dec 12, 2007 from 6-9 PM. The Location is 6605 Las Vegas BLVD South, LV, NV 89119 I will definitely be checking this one out! Events Calendar for… more
All Eyes on Vegas: Middle of Auction Las Vegas Foreclosure Stats
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A total of three auctions in 8 days! There are still some REO properties listed as active but the banks and auction winners are still hammering out details. I think we will easily get to the 500 pendings in the next two weeks that I was hoping… more
Las Vegas November 2007 Rental Home Report
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Average rents have decreased from last two months, median rents down also as we saw inventory rise yet absorption remained healthy. Units Leased: November 2007: 1452 October 2007: 1501 November 2007: 1009 Average Monthly Rental Rates: November… more
Las Vegas New Construction December 2007 Report
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While we saw an upward tick in Las Vegas New Construction units sold in October, we have a slight downward number of units sold in November. There is barely any standing inventory to close Building permits are up 99. 8% This is good news… more