Trust me on the headline. If it isn't crap, it's overpriced or has 50 offers on it! I actively work this market and show homes so if someone tells you how great this market is and that you can get fantastic bargains at the moment in the REO market, they probably aren't working it! Lots of great bargains for cash buyers left, however. Many homes are unfinanceable due to condition. Hopefully we will get sizable new inventory soon!
I encourage you to click on last month's report and keep going back one month to see how the inventory situation has evolved over the last several months. You will never hear or see this on the national media and you rarely hear this in other Las Vegas Real Estate blogs. I have been reporting it weekly. There are some out there, but very few. The situation is dire for current <financed> buyers right now.
We are awaiting moratorium inventory but short sale agents have been reporting acceptances left and right. Short Sale closes were boosted (a little) this past month.
Today I was working with two buyers and in many instances there were streams of Realtors and their clients in and out of the properties all at the same time. Lines to see houses if you will. It was like Target at 6 AM the day after Thanksgiving. OK, maybe not that bad but it was something I have never seen to this magnitude before.
Inventory has fallen dramatically since last report (-2881 units), Pendings have risen +1187 units Closing data is up up up at +924 units. Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.
REO sales accounted for 80.4% of all Las Vegas Area Valley resales in April 2009. REO listings account for only 25.2% 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 (5/15/2009): 3761
- Under Contract (5/15/2009): 6530
- Sold April 2009: 3114
- Absorption Rate: 1.2 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
I am still AMAZED that Pendings outnumber Listings. This has to be a major swing for your market. It seems like just yesterday all I was hearing about Vegas was doom and gloom. Increase in prices is next to follow. The sellers will be happy.
Thank you for the information.
Things are certainly chaning quickly as the spring market begins. It will be interesting to see how all of this plays out.
Ohhh crap...
We're seeing the same thing in Northern California and other AR Bloggers are reporting diminished inventory, multiple offers, and a veritable feeding frenzy for new listings all over the country. It's a good sign of a returning market, but it's miserable to face so many competing buyers.