Las Vegas real estate market report for homes sold for $1,000-$100,000 in Las Vegas, Henderson and North Las Vegas, Bank owned homes, short sale homes and traditional sales
This is a good time to take a look at the Las Vegas real estate market report since most Las Vegas home buyers who wanted to take advantage of the tax credit have closed their deals by June, 30 2010. Even though the tax credit was extended for 90 days, the effect of leftovers on the market report for July 2010 is not going to be significant.
Despite all the unfounded doom and gloom conspiracy that is propagated through Las Vegas and national media in order to prop up their pathetic sales, the market for homes that are priced up to $300,000 is lively and I will cover these by price range.
Let’s take a look at the market report for homes sold for up to $100,000 and I have to admit that it surprised me as there is a shift in how quickly short sale homes are closing escrow. We will start to show short sale homes in this price range.
The table below shows our current inventory of homes for sale in Las Vegas, Henderson, North Las Vegas and Boulder City
| Greater Las Vegas homes inventory | Total Listings | Bank owned homes or foreclosures | Short Sale Homes | Non-distressed homes or Traditional Sales |
| $1000-$100,000 | 1931 | 484 | 1100 | 347 |
762 homes that are priced up to $100,000 have sold in Las Vegas in July-2010 and this puts our current inventory of homes for this price range at 2.5 months. 2.5 month inventories don’t lead to price cuts. Take a look at the sold numbers for July.
| Las Vegas homes price $1,000-$100,000 | Total listings sold July/1/2010-August/1/2010 | Sold in 30 days
Average (Sold price)/Asking Price and Percentage of sales |
Sold in 60 Days
Sold Price/Asking Price and Percentage of sales |
Sold in 60 days plus
Sold Price/Asking Price and Percentage of sales |
| Total Sales | 762 | 103.4%, 60% | 101.8%, 15.5% | 101%, 24.5% |
| Short Sales Homes | 244 | 103.5%, 55% | 105.6%, 11.5% | 103%, 33.5% |
| Foreclosures homes | 381 | 104.7%, 64.8% | 102%, 16.5% | 100%, 18.7% |
| Non-distressed homes | 119 | 98.8%, 55.6% | 96.5%, 21.8% | 97%, 22.6% |
Even though the number of short sales and non-distressed traditional sale listings are 3 times the number of bank owned homes, more than half of the homes sold are foreclosures. Bank owned homes in this price range get multiple offers as soon as they are listed and about two third of these close escrow in 30 days as most of these are cash offers by Las Vegas real estate investors.
The other important number is the ratio of sold price to asking price; this ratio is at least 100% for most of these homes. Many investors who contact us expect to lowball bank owned homes as they think that the Las Vegas real estate market is flooded with foreclosures, NOT HAPPENING.
The story is a bit different for non-distressed homes; most of these don’t get full price offers as they are priced at 10%-25% higher than foreclosures so there is room for negotiation.
I leave it to the reader to decide if this data supports the ridiculous predictions of 14% price depreciation in Las Vegas residential market in the next 12 months by a Wisconsin loan company!!!
Related Web-Site links:
- Buying short sale homes or condos in Las Vegas
- Buying foreclosure or bank owned Las Vegas homes or condominiums
- Buying non-distressed or traditional sale homes or condos in Las Vegas
Real Estate and Homes for Sale Information // Aug 5, 2010 at 5:15 pm
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