Las Vegas Foreclosure Report

Earlier today I posted that there were just under 12,000 homes available on the market for sale (single family, condos and townhouses) in Las Vegas, Henderson and Boulder City.  When we talk about these three cities, they are practically intertwined, though Boulder City is actually on the outskirts near Hoover Dam, but still close enough that someone wanting to buy a home in Las Vegas might consider this area also.  We exclude locations such as Pahrump, Mesquite and Laughlin, because it’s a long drive to each of these and Las Vegas home buyers really don’t want to be out in the boonies.

What I didn’t break down was the number of homes by type of sale – bank properties, short sales, traditional sales and flips.  The later two are both considered traditional because they involve either a normal homeowner as a seller, or maybe an investor or group of investors, but not a bank.

Everyone has been on the bank-owned home bandwagon in Las Vegas for quite some time.  “Buy a Las Vegas foreclosure, you’ll get the best deal,” has been a frequent statement.

Not so much anymore.  Let me explain why.

With 12,000 available homes on the market (read my other post today to determine what ‘available’ means), let’s look at how many of each there are:

  • Traditional homes and flips – 4,021
  • Short sales – 5,596
  • Bank-owned or foreclosures (which are the same thing) – 2,389

Notice anything special about these numbers? That’s right.  We don’t have as many foreclosures as other types.

Now look at how many SALES have happened with each type of property in the last three months:

  • Traditional homes and flips – 2,971
  • Short sales – 2,840
  • Bank-owned or 5,532

What stands out?  We’re selling bank foreclosures at a significantly higher rate than the other types of properties.

And we don’t have a lot of inventory.

The absorption rate (I’ll write a blog on this too) indicates that we only have enough bank-owned properties in Las Vegas to supply about one month’s worth of inventory to the buyers.

What does this mean to you?  Higher prices and more competition for these types of homes.  Be prepared for multiple offers on many foreclosures.

As a real estate professional working the Las Vegas market, I understand these numbers and what my clients need to do to get their offers accepted.

If you’re considering buying a Las Vegas bank property, or any other property, visit my Las Vegas real estate website to search for homes at your leisure.  You’ll have access to all the homes on the market and can search based on various criteria and save your results.

I’m here to help, so contact me when you are ready to buy.

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