Nevada Real Estate >> Las Vegas Real Estate Specialist: Las Vegas Foreclosure Inventory Update December 2007: 9.0 Months of Inventory!

Las Vegas Foreclosure Inventory Update December 2007: 9.0 Months of Inventory!

Bank Owned Las Vegas Listings (AKA Foreclosures, REOs) are seeing some absorption!  Inventory has risen slightly (+121 units), Pendings have risen considerably (+204 units) and closings have gone up too (+27 units).  Monthly absorption rate down slightly by a half a month!

Current Listed Bank Owned Statistics:

  • Listings (12/26/2007): 2150
  • Under Contract (12/26/2007):  572
  • Closed (11/19-12/19/2007: 240
  • Absorption Rate:  9 Months Inventory
I am also going to be reporting on statistics in this submarket weekly because of the auctions.  I do expect it to swing to a seller's market briefly or close to a seller's market for a month or two soon.

View Last Month's Report Here  

If you are considering buying in this submarket, beware that it is moving! 

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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4 comments • Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com • December 26 2007 06:56PM

Comments

Renee, Could you please explain how you expect it to be a seller's market soon?

Bill Roberts

Posted by Bill Roberts - "Baby Boomer" Retirement Planner (Brooks and Dunphy Real Estate) over 4 years ago
Hi Bill!  Thanks for asking.  With the pendings on the rise from the auctions (and still going) and a 60-70% close rate on REO properties, that is why I expect that.  It will only be for a short time if it does happen, for a period of 2 weeks to a month but nonetheless it is exciting.
Posted by Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com (BrokerThe Force Realty-REALTOR-Estate-Probate-REO-Short Sale) over 4 years ago
It'll be a seller's market again, just probably not very soon. IMHO
Posted by George Panoff, Your Buyer of Distressed Properties in MD (DBA GR Enterprise) over 4 years ago
George:  Ask the buyers in this market, all signs of a sellers market this month:  multiple offers pushing prices up.  Since I wrote this absorption has gone down .1 months.  I am giving a week leeway for pulling solds because of the holidays and slow data entry.  That prevents me from publishing the data but doesn't prevent me from peeking at it.  Looking ahead next week (provided new listings don't go through roof) we can see conservatively another month knocked off of absorption.  It's getting very close to a seller's market with those statistics and data.
Posted by Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com (BrokerThe Force Realty-REALTOR-Estate-Probate-REO-Short Sale) over 4 years ago

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