Las Vegas Area REO Inventory has FALLEN since last report (-254 units), Under Contracts have FALLEN by (-311) units Closing data has RISEN by (+169) units. Low interest rates have spurred a flurry of buyer interest & activity and it continues. AB 284 IS PREVENTING NORMAL AMOUNTS OF NEW LISTINGS FROM COMING ON THE MARKET CURRENTLY until further notice!
REO sales accounted for 48% of all Las Vegas Area Valley resale closings in December 2011. REO listings account for only 20% of total resale listings.
Current Listed Bank Owned Statistics:
- Listings (1/15/2012): 2025
- Under Contract (1/15/2012): 2763
- Sold December 2011: 1974
For Most Current Las Vegas REO Inventory Market Report.
What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?
General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average consumer probably asks, what’s that?) It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley. They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.
View More FAQ About My Las Vegas Area Real Estate Market Reports.
Renee, 1 month inventory. NOW THAT'S AWESOME! Congrats on finally being back on the right track.
Renee, we're seeing inventory levels dip to 1 to 1.5 months supply too. Makes it a little rough on the buyers who are out there looking. We've gone from 60%+ of distressed properties to about 35%. Hopefully that is a good sign.
Hi Renee,
Good for all markets to see when inventories drop and in particular the short sale and foreclosure inventory, we have been hearing about the super deals drying up in the Vegas area from a few of our Snowbird investors as well.
I'm so glad to see that Vegas is getting better for real estate. I hope business is good to you in 2012!
Renee - Not shocked by the lack of REO inventory in Las Vegas.
You seriuosly have the best market reports. Colorful (important in my book), interesting & they tell a story! I love it!
Renee
Nice market report on REO in the Las Vegas area. You are the best
Renee
Lots of REO activity taking place in your market. My friend Tom Braatz which is moving here says you are the Diva Queen of nevada
Renee: Low inventory and foreclosures under 50%...looks like the light at the end of the Las Vegas real estate tunnel isn't another train coming after all.
Very informative reports and I thank you for the information. I am starting to see more REO's coming on the market this week in Phoenix.
Thank you everyone for the comments!
Karen: I hope our distressed inventory goes that low - the sooner the better!
Kristin: Thanks!
Jim: Ditto - moratoriums at holidays + AB 284~