Nevada Real Estate >> Las Vegas Real Estate Specialist: Las Vegas, NV Area Bank Owned Listings: We Are Seeing a Seller's Market!

Las Vegas, NV Area Bank Owned Listings: We Are Seeing a Seller's Market!

Las Vegas REO Listings

The bank owned market is officially a seller's market.  We have seen all the signs in the last two months as the December auctions have jump started the interest in this market!

I am EXTREMELY happy to report that since those December auctions:  Listings have stayed stable, Pendings have tripled and Sales have doubled.  We currently have only 5.5 months of inventory in this market and banks are seeing multiple offers on properties that are priced well.

Absorption history:

  • October 2007:  9.7 months
  • November 2007:  9.5 months
  • December 2007:  9 Months
  • January 2007:  7.7 Months
  • February 2007:  5.5 Months 

Current Bank Owned (REO/Foreclosure) Listing Statistics: 

  • Listings (February 17, 2008):  2220
  • Under Contract (February 17, 2008):  975
  • Sold 1/11-2/11/2008:  403
  • Month's Inventory 5.5 

 

 

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

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16 comments • Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com • February 17 2008 12:07PM

Comments

I am glad to see you getting sales in your market.  I wish you continue success.  Have a great weekend.
J.

 

Posted by Jeff Kessler, Broker, ABR,GRI 512.801.5666 (Austin Homes, Realtors www.CentralTexasHomeRebates.com) over 4 years ago
This is great information on your area. I hope this helps people make a good decision in the area. 
Posted by James Gordon REALTOR® PBD SFR SRS (Sibcy Cline Realtors®) over 4 years ago

good for you girl looks like some movement in your market place!!!   See ya soon!

Posted by Desiree Daniels (RE/MAX Tri County) over 4 years ago
So glad to see so few months of inventory in Las Vegas. I hope the trend extends to all the other areas of the country.
Posted by Sharon Simms St Pete FL - CRS CIPS CLHMS RSPS (ALVA International, Inc.) over 4 years ago
Good to see that 975 are under contract
Posted by Maria Borci P.A. ABR-TRC-ASP Doral Kendall FL Real Estate (Homes 4 You LLC) over 4 years ago

Jeff:  It is exciting.  Hope your weekend was greattoo!

James:  Thanks!

Desiree:  Major movement and I am running ragged!  See ya in a couple weeks!

Sharon:  I want to send some your way too!

Maria:  It's crazy with multiple offers! 

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
That is encouraging news, Renee! Are you seeing mostly homeowners or is there a good mix with investors, too?
Posted by Ken Cook, Web Dev, Brand Strategist 678-439-8683 over 4 years ago
Renee, I have to comment on your impressive graphics!  They're too cool! 
Posted by Natalie Langford, Winchester, VA Real Estate (Realty Negotiations) over 4 years ago
Renee - this looks impressive - what wonderful news - go get em gal
Posted by Thesa Chambers, Principal Broker Licensed in Oregon, with (Prudential NW Properties Sunriver) over 4 years ago
When I saw the "under contract" statistics I said WOW!    I'm so glad to hear that your consumers in Las Vegas are having this kind of turnaround.
Posted by Kris Wales - Macomb County MI real estate blog & homes for sale search site (Keller Williams Realty - Lakeside Market Center) over 4 years ago
I'm busy with both listings and buyers so something must be happening.... and the buyers are all coming in with 20% down which is unusual.
Posted by Neal Bloom-Realtor ®CRS-Weston FL Real Estate (Keller Williams Properties, Weston FL) over 4 years ago

Simple law of pricing. Why do people forget!

Posted by Ann Heitland, Flagstaff Real Estate ~ Associate Broker, CRS, GRI, CDPE (RE/MAX Peak Properties) over 4 years ago
My asset managers are pricing properties according to the market for the most part.  And, we are getting showings and offers.  It all comes down to pricing!
Posted by Laurie Logan-South Central WI Real Estate (Prudential Community Realty, Broker Associate) over 4 years ago

Renee:

Viva Las Vegas! Sell sell sell Ha. This is indeed good news. It is about time right. Ha

Posted by Alan in Austin Kirkpatrick (Austin Texas Homes) over 4 years ago

Great stats, Renee. 

I met last week with one of the top brokers in town.  He was an economist before he was in real estate.  He firmly believes that once we are at 5 months absorbtion overall, not just bank-owned, that values will start to increase again and we will see a flood of business once again.   Because the homebuilders have stopped production, he believes this may occur as early as the end of summer.   

Although I wasn't convinced, it was an interesting theory.  Your data here definitely shows he may be on to something.

By the way, more big auctions next month.

Posted by Aaron Gordon, Home Loan Consultant, Las Vegas, NV (Home Loan Consultant) over 4 years ago

Ken:  A little of everything.  Lots of cash down or well qualified VA/FHA buyers.

Natalie:  LOL!

Thesa:  I am trying!  I hate multiple offer situations!

Kris:  The stats are growing in impressive numbers by the day.  Literally by the hour, amazing!

Neal:  YES!  Check out my reply to Ken.  It isn't unusual to see half down or all cash either!

Ann:  :shrug:  Dunno!

Laurie:  Absolutely

Alan:  Crazy stuff goin on here!

Aaron:  Provided we see stability with interest rates and loan products, I see no stopping!

Posted by Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com (BrokerThe Force Realty-REALTOR-Estate-Probate-REO-Short Sale) about 4 years ago

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