Inventory has fallen dramatically since last report (-595 units), Pendings have risen +1044 units Closing data is slightly up at +33 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 81.2% of all Las Vegas Area Valley resales in February 2009. REO listings account for only 32.9% 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 (4/14/2009): 6642
- Under Contract (4/14/2009): 5343
- Sold March 2009: 2194
- Absorption Rate: 1.9 Months
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:
- Option 1 if you are a Buyer wanting to purchase REO Property.
- Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
- Option 4: Para español presione el cuatro.
All statistical information I used to create this report was obtained from GLVAR MLS. Information Deemed Reliable but not Guaranteed
Wow, Renee, the REO market is hotter than hot in Vegas. It's always interesting to see what the trends are like in other areas of the country. In West Michigan, we're also beginning to see declining inventories for the first time in a long while.
Renee, our market looks the same. Pendings way up, active way down, and solds up since January!!! I love your graphs - you did that, how? ;-)
Renee
Looking good; looks like things are picking up real well.
Tombo (Tom)
What's the temp there today? About 100? Does that increase the carrying cost of these bank-owned homes? More reductions coming?
Renee,
Good to see that pendings are doing well. We all hope the trend continues. The overall inventory needs to come down for a spark to recovery.
Renne - sounds like the market is moving along pretty well not. We are seeing some similar trends, although not nearly as dramatic. Good news I would say.
Jeff