Bank Owned Las Vegas Listings (AKA Foreclosures, REOs) are seeing some absorption! Inventory has risen DRAMATICALLY (+1535 units), Pendings have risen DRAMATICALLY (+1509 units.) Closing data is unavailable due to MLS changes last month (SORRY!)
Just like I mentioned last month, the inventory has risen dramatically! Luckily pendings have also. Are banks holding on for awhile and having controlled releases? Absorption rate is 4.0 months. This is very much a seller's market.
There are some wild numbers out there in the blogosphere in regards to percentage of bank owned sold vs other sold. All the solds for the same time period = 2032 units. The percentage of REO's being sold in the market is 48.7%. The number of REO Listings represents 18.4% of the resale market.
Current Listed Bank Owned Statistics:
- Listings (5/5/2007): 3912
- Under Contract (5/5/2007): 2534
- Sold 3/23-4/23/2008: 990
- Absorption Rate: 4.0 Months
If you would like to buy a bank owned property call 702-966-2494, press option 1 and let us know what you are looking for. We will set you up on a search to have the new listings emailed to you as soon as they hit the market!
All statistical information I used to create this report was obtained from GLVAR MLS. Information Deemed Reliable but not Guaranteed.
Those are amazing numbers. You could be teaching about how to deal with massive amounts of REO properties. I see very few out here.
You are lucky to see very few out there! They have been a double edged sword for us, stimulated our market but the consumer is so focused on buying them they could miss out on something better!
Hi Renee,
Are you going to the five star reo conferences in Dallas? I am debating whether the money and time spent is worth it!