Las Vegas real estate market report for bank owned (REPO) homes, short sale homes and non-distressed home sales in Las Vegas, Henderson and North Las Vegas
This is the second blog post in Las Vegas real estate market series that I am doing for August, 2010 as the tax credit doesn’t significantly impact July Sales.
Let’s look at the market report for homes that have sold for $100,000-$200,000. 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 | |
| $100,000-$200,000 | 5823 | 1318 | 2728 | 1777 |
1673 homes that are priced $100,000-$200,000 have sold in Las Vegas, Henderson and North Las Vegas and Boulder City in July-2010 and this puts our current inventory of homes for this price range at 3.5 months.
| Las Vegas homes price $100,000-$200,000 | Total listings sold July/1/2010-August/1/2010 | Sold in 30 days
Average (Sold price)/Asking Price and Percentage of sales |
Sold in 31-60 Days
Sold Price/Asking Price and Percentage of sales |
Sold in 60 days plus
Sold Price/Asking Price and Percentage of sales |
| Total Sales | 1673 | 99.9%, 51.3% | 98%, 17.5% | 98%, 31.2.5% |
| Foreclosure Homes | 671 | 100.6%, 60% | 100.2%, 12.3% | 99.5%, 23.7% |
| Short Sale Homes | 574 | 100.7%, 39.5% | 102%, 12.5% | 100%, 48% |
| Non-Distressed Homes | 428 | 98%, 54% | 96.5%, 19% | 95.9%, 27% |
Just like homes that have sold for less than $100,000, 2/3 of the homes sold in Las Vegas for $100K-$200K price range are foreclosures or bank repo homes, while the number of REPO listings is only 23% of total inventory.
These numbers are self explanatory but I want to add a couple of points:
1: About half of the short sale homes have closed escrow in the 60 days plus range; actually it took more than 120 days to close the deal on about 29% of these homes.
2: Las Vegas short sale homes and foreclosures are selling for the full asking price.
3: It is foolish to predict a 14% price drop for homes when they get full price offers.
Related Web-Site links and blog posts:
- 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
- Las Vegas real estate market – homes for sale priced below $100,000
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