Bank Owned Las Vegas Listings (AKA Foreclosures, REOs) are seeing some absorption! Inventory has risen slightly (+66 units), Pendings have risen DRAMATICALLY (almost double in one month +538 units) and closings have gone up considerably too (+175 units). Monthly absorption rate down slightly by almost two months!
I would say with the current frenzy this is officially a seller's market.
Current Listed Bank Owned Statistics:
- Listings (3/1/2007): 2216
- Under Contract (3/1/2007): 1110
- Closed (1/20-2/20/2007: 415
- Absorption Rate: 5.3 Months Inventory
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.
Renee: Looks like things are looking MUCH better--your numbers have taken a dramatic turn into the Seller's Market! I hope this trend continues for you.
Renee, I am so visual that I love these colored wheel graphics. Great idea!!
Renee,
This is news that gets your heart palpitating. Although it's a sub-market it's still important that the inventory is moving. Other real estate sectors will then follow close behind and maybe we can soon close the file on this nightmare.
Renee,
I watch your market very closly because we seem to follow your lead. This is great to hear. Our activity is increasing but this is also our busy season so it's ahard to tell if we are turning or not.
How are prices?
Sharkey
Debe: Absolutely amazing to watch it happen so quickly!
Teri: Thanks. Most people are bored by numbers so I gotta throw a graphic in!
Linda: I am hoping it is not a fluke either! Thanks for the compliment!
Pat: Good news!
Esko: Most definitely! I am actually thinking about counseling buyers to throw some offers in on the short sale market. If they can accept multiple offers, why can't my buyers submit multiple offers? Gonna work on a big bad buyer purchase agreement addendum this week.
Joey: Sorry no one is on the stick for your market :( Maybe you should move here? hee hee!
Kris: Since I have been predicting this since October, I am happy it came to fruition too. I don't want to be a liar :)
Brian: Prices are low low low. New construction, REO and short sales. Some real sellers are realistic also but not a whole heck of a lot.
Larry: Thanks for stopping by and the kind comments!
Michael: REO and new construction are selling. Non-Distressed Sellers that price competitively with REO and short sale and new constructions are FLYING off the market!
Sasha: Stability is a wonderful word!