Bank Owned Las Vegas Listings (AKA Foreclosures, REOs) are enjoying a HOT SELLER'S MARKET! Inventory has risen slightly (+218 units), Pendings have risen DRAMATICALLY (+763 units.) Closing data is up up UP at + 442 units.
Inventory holding steady. Absorption rate is 2.9 months.
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 = 2407 units. The percentage of REO's being sold in the market is 58.7%. The number of REO Listings represents 20% of the resale market.
Current Listed Bank Owned Statistics:
- Listings (6/3/2007): 4130
- Under Contract (6/3/2007): 3297
- Sold 4/24-5/24/2008: 1412
- Absorption Rate: 2.9 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.
2.9 months absortion rate. Wow, what a change from last year. I'm glad somebody is still around to benefit from the change. Good luck, keep moving with the tide.
Renee, that's the best report I read in a loooonnnggg time! To cool.
Nice report, looking good.......well better....nice chart.
Hi Renee, that is excellent news and I think it sends hopeful messages to the other markets. Once the REO's and short sales get moved, others will see stability and we will be moving in a more positive environment.
I wonder what the bank owned absorption rate was in 2005 and 2006. I'm guessing it was very near zero. If that is the case, would 2.9 months actually be a seller's market for bank owned listings? What does a "seller's market" even mean for bank owned listings anyway? I would think that having over 2 months of bank owned inventory would be near multi-decade highs. It would be nice to see some data that showed what the average bank-owned absorption rate has been over the years.
Larry: A definite change! This market has jump started all other moving sectors in our area.
Duane: I am pleased to see our markets shift from a pathetic (beyond buyer's market) to a stable market, just check out my next pending report due mid june.
Bryan: Thanks, thanks and thanks :)
William: Most definitely! My next pending report (as I mentioned to Duane) has us moving in to a stable market, definitely better times.
John S: Well good morning Mr Sunshine :cough cough: It would be nice and I did try to see if I could pull it but I can't. Unfortunately *i* didn't keep data stats on this until October of last year where the inventory was a buyer's market. Knowing what I know (through BPOs), the REOs of the last several years had average market times similar to other houses on the market. My monthly reports are for reference so my clients know what they are stepping into when they want to buy, rent or sell their homes. Offer frenzies are going on in the REO market right now and people need to know that. I don't think that was happening in 2005-2006 to this extent.
Renee, It is truly mind-boggling how our market has changed these past few years. I'm so glad your market is picking up, even if it is in REOs and Short Sales. This too shall pass!
That's good to know! Hope it still is going well for you!
Diane: It is healthy right now and I hope with increasing gas prices it stays so!
Aida: Thanks for asking, YES!!