Greater Las Vegas real estate market, an analytic look at the Las Vegas homes, condos and townhomes market Part One.
I have talked about how strongly Las Vegas real estate in general and residential homes and condominiums have been affected by foreclosures in Las Vegas. I have also written about the number of foreclosed or REO homes and condos in the last 12 months versus the number of sold condominiums and homes.
Please note that while the number of short sale condominiums and homes that are currently available for sale are more than twice the number of REOS or bank owned homes and condos, the number of sold short sale homes is 13% of the number of foreclosed homes, this number drops to only 9% for Las Vegas condominiums and townhomes.
The other point is that most foreclosed homes and condos that are listed in the Las Vegas MLS and are priced correctly, will get multiple offers in the first couple of days and after a few days the listing agent will submit the offers and the property goes into the best and highest offer phase and a few of the highest bidders will be invited to put in their highest and best offer.
When the highest and best offer is submitted to the bank, the bank will not accept any more offers and any offers made on the property will be as backups. The listing status will show (ER) until the bank supplies the buyer with an executed contract, so the buyer can open escrow and even then many REO listing agents do not change the property status until all contingencies are removed and the property is pending sale.
To give you an example, today we picked properties to show and pulled 23 foreclosed home listings and called the listing agents to inquire about the property status before we showed them. We called 23 listing agents for homes that are priced below $150,000 in North Las Vegas. 4 were under contract (contingent sale) and the listing agent did not update their listings. 6 had the highest and best offer submitted to bank and were taking no offers, 9 had multiple offers but were still taking offers and 2 did not have any offers, the other 2 listing agents did not return our repeated calls.
As you can see, even the 1800 foreclosure homes and 630 REO condos available for sale is not entirely true. Even if all the available listings for sales (ER) were really available (and they are NOT), we have less than 2.6 months of available inventory for homes in Greater Las Vegas and 2.15 months worth of inventory for Las Vegas condominiums and town homes. Again, homes or condos that are competitively priced for sale are less than 20% of the total inventory, so the real inventory is very low in Las Vegas.
This the reason that homes or condos that are priced reasonably get multiple offers in a couple of days and are selling over the comparable homes or condos or comps. One property had as many as 71 offers on it. It is nothing to get 10-15 offers in 2 days on the market for these homes.
Homes, condos and townhome prices have stopped sliding in price in the last 3 months and resale homes and condo sales are breaking the records that were set in 2004-2005. What this has done is the mountain of money which was sitting on the side lines waiting for the price depreciation to stop, have started to come to play.
More about this next blog and a few unrelated points below.
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Related web-site pages buying Las Vegas condominiums for sale, Las Vegas homes, condos and townhomes for sale, Getting the best deal for your Las Vegas home or condo, Buying Las Vegas homes for sale
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