Posted by: Team Coldwell Banker Wardley on: May 8, 2008
Where the Las Vegas Real Estate Market is going.
Last Month there were 1838 closed sales through the MLS. I have included some of the pertinent statistics from the Las Vegas MLS ( as the bottom of this article. Over 52% of the closed properties were REO properties; REO properties represent 17.91% of the homes available for sale (i.e. 1 out of 3.4 REO closed). Less than 7% of the homes sold were Short Sale properties, while almost 24% of all listings are short sales (i.e. 1 out of 41 Short Sales closed).
Although there are great deals in foreclosures, Las Vegas REO properties (Foreclosures) have their challenges. (1) There is a high demand and lower availability for REO’s. (2) Many of the REO properties are receiving multiple offers (last week I heard of a property with 50 offers on it). This requires you to write several offers to get one accepted. (3) It may take up to 30 days to get the bank to sign the offer. (4) The home is sold “as is”. (4) Sometimes it’s a fight to get it closed through the bank specified title company.
There has to be a better way…
While REO’s and Short Sales are the “HOT TOPIC” of Las Vegas Real Estate, and the “Latest in Real Estate Seminars held in Las Vegas” it is important to recognize that there were 741 “regular re-sell listings” sold in April. That is 40% of all homes sold. These homes are mostly (1) Occupied by sellers, so they show better. (2) Many of these sellers are willing to pay some closing costs. (3) They will make reasonable repairs. (4) They can and will answer an offer in a reasonable period of time.
Buyers tired of dealing with the unreasonable unilateral demands of Banks, Asset Managers, and REO agents are looking for an alternative (a well priced Las Vegas home that is in good condition and has a reasonable seller).
Here at The Ballen Group of Coldwell Banker Wardley Real Estate in Summerlin, Nevada are looking forward to seeing the positive changes every day in the Las Vegas Real Estate Market. We are seeing changes every day.
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APRIL CLOSED TRANACTIONS AS PER MLS |
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AVAILABLE LISTINGS THROUGH MLS AS OF 5/1/08 |
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Single Family Res. |
1644 |
Percent of Total |
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Total Listings |
22,164.00 |
% of Total |
Combined % |
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REO |
876 |
53.28% |
|
REPO/REO |
3,969.00 |
17.91% |
41.65% |
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Short Sale |
122 |
7.42% |
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Short Sales |
5,263.00 |
23.75% |
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|
Condo/Twnhs |
196 |
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Vacant |
11,271.00 |
50.85% |
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REO |
93 |
47.45% |
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In Foreclosure |
924.00 |
4.17% |
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|
Short Sale |
6 |
3.06% |
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Combined Total |
1838 |
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REO |
969 |
52.72% |
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The Graphs above show Las Vegas Real Estate Sales reported by the Greater Las Vegas Association of Realtors.
For more information on the Las Vegas Real Estate Market, Las Vegas Foreclosures, and Las Vegas Short Sales, Contact The Ballen Group at 702.256.4900 or on the web at http://www.TheBallenGroup.com. Search for MLS listings online too!
