Nevada Real Estate >> Las Vegas Real Estate Specialist: Las Vegas NV Area February 2010 REO Inventory Update

Las Vegas NV Area February 2010 REO Inventory Update

Las Vegas Area REO Homes For Sale

Las Vegas Area REO Listings Absorption Rate

Las Vegas Area REO Inventory has FALLEN since last report (-670 units), Under Contracts have FALLEN (-96) units  Closing data has FALLEN (-867) units.  Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.  

REO sales accounted for 57% of all Las Vegas Area Valley resale closings in January 2010.  REO listings account for only 15% 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 (3/15/2010): 1467
  • Under Contract (3/15/2010): 3192
  • Sold February 2010: 1683
  • Absorption Rate:  0.9 Months (THATS LESS THAN ONE MONTH = VERY LITTLE INVENTORY)

View Last Month's Report Here  

To find the most recent report, click here

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7 comments • Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com • March 22 2010 11:34AM

Comments

Renee those are some awesome numbers.  How much are the selling prices down from the last couple of years?

Posted by John Walters (Licensed in Slidell, Louisiana) (Frank Rubi Real Estate) about 2 years ago

Who are the buyers? Are they homeowners or investors?

Cal

Posted by Homes For Sale in Lancaster PA - Cal Yoder 717.413.0744 (Keller Williams Realty Lancaster) about 2 years ago

Renee

Those solds really look like they took off; lots of cash buyers yet?

Posted by Tom Braatz,Waukesha County Realtor Real Estate agent,Waukesha Cty WI Real Estate (Re/Max Realty Center 262-377-1459) about 2 years ago

Renee!  You kill me with your blog posts! Everytime I see them I am reminded how poor mine are.  I finally started using Scribefire and could kick myself because it was so easy. 

 

Love the new pic by the way!

Posted by Damon Gettier Broker/Owner ABRM, GRI, CDPE (RE/MAX 1st REALTY- Roanoke Virginia Short Sale Expert) about 2 years ago

Renee - I have the same question as Cal "Who are the buyer's" for Las Vegas NV REO real estate?

Posted by Michelle Gibson REALTOR® Wellington Florida Homes for Sale (Hansen Real Estate Group Inc. ) about 2 years ago

John:  It really depends on the neighborhood.  I have seen some neighborhoods with 80's pricing and I have seen others that barely look touched or hurt by the decline.  Overall I would say prices are about half of the height.  Seeing 07 defaults now.  The circle of life, eh?

Cal:  I would call it 50-60% Investors, 25% First Time Buyers and the rest Move Up or Vacation/Second Home.

Tom:  TONS of cash buyers!

Damon, I haven't been as good with scribefire!  Thanks for stopping by!

Michelle:  New financing profile put out for you guys to help you see it!  I have had several first time all cash buyers along with conventional.  Also some "older" buyers using FHA.  Investors also use financing so I threw some numbers out just from my experiences ;)

Posted by Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com (BrokerThe Force Realty-REALTOR-Estate-Probate-REO-Short Sale) about 2 years ago

Renee,

80's pricing in some subdivisions makes you hold your breath. And pray. Who are these guys?

Posted by Esko Kiuru about 2 years ago

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