Las Vegas Homes, Condos, Land and Commercial Real Estate Blog

Since January 1, 2010, 15968 homes, townhomes and condominiums have sold through Las Vegas MLS, of these 7933 have been foreclosures or bank owned residential properties. I am excluding mobile homes which I don’t know much about. These numbers do not include other Clark County cities like Mesquite, Overton or Laughlin.  

On the other hand, 9640 residential and commercial properties have been foreclosed on in the same period and 2527 properties were sold to the third in the trustee sale for the total of 12167. The total number of foreclosed properties in the same period in 2009 was 13,100.

Given that the total number of bank owned homes, condominiums and townhomes which are currently listed in the Greater Las Vegas MLS and not under contract is 1929, the number of foreclosed homes this year should not affect or change our housing market drastically. The total number of listings which are not under contract is 10120.

Total inventory of homes for sale in Las Vegas is 8040, 1450 are Repos, 3335 are short sales and 3255 are regular arm length listings.

 The number of condominiums that are not under contract is 1312, only 339 are foreclosures, 589 are short sales and 414 are regular sale listings.

We currently have 719 town home listings in Las Vegas which are not under contract, 141 are bank owned, 309 are short sales and 269 are regular sales.

The vast majority of bank owned condos, homes and townhomes are priced under $300,000. Only 84 bank owned residential properties are priced above $300,000, while the total inventory for this segment is 1832. As you can see the effect of 84 foreclosures on 1832 listings would be negligible.

Despite Federal Governments programs such as HAFA and others, the short sale market has not changed.  Nothing has become stream lined and making an offer on short sales which we seem to be moving toward is fraught with long waits and uncertainty.

 I have also set up a Face Book page for the Las Vegas homes, condos, land and commercial real estate and also a Masoud’s My Space. Although these pages are a work in progress, please feel free to add me as a friend.

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