Inventory has fallen dramatically since last report (-815 units), Pendings have dropped -412 units Closing data is up at +33 units. Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.
REO sales accounted for 80% of all Las Vegas Area Valley resale closings in May 2009. REO listings account for only 22.7% 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 (6/15/2009): 2946
- Under Contract (6/15/2009): 6118
- Sold May 2009: 3147
- Absorption Rate: 0.9 Months (THATS LESS THAN ONE MONTH = VERY LITTLE INVENTORY)
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
Thanks for sharing the housing information with me. I wish you all the best.
It sounds like the Las Vegas market is making a big swing from a buyers market to a sellers market. As long as you are in the middle it works out well either way.
Renee:
Wow! That is wild, less than 1 month. What is happening to prices?
Richard
Nice charts, Renee. Very interesting stats. Nice to see your market getting some traction.
Eric: Thank you much for stopping by!
Larry: We complain when we have too little and cry when we have to much ;)
Richard: Upward pressure. Closes are up to about 200 a day now that we are approaching the end of the month and pendings are still rising when we traditionally level off in May!
Jim: Thanks!