Las Vegas real estate market report for bank REPO (foreclosed) homes, short sales and non-distressed home sales in Las Vegas, Henderson and North Las Vegas priced at $300,000-$400,000
This is the fourth article in the Las Vegas real estate market series that I am doing for August, 2010, and differences with lower priced homes is striking. While 55% of short sale homes sold within 30 days for homes priced below $100,000 and 33% closed escrow in 60 days plus, this is reversed for short sales in $300K-$400K price range since it took more than 60 days to close about 2/3 of these short sale homes.
Available inventory in this price range is 4.9 months, but let’s break down these numbers a bit. The bank owned home inventory for this price range is 1.7 months and about half sold within 30 days. Now let’s look at short sale inventory; it is 3.3 months and non-distressed sales inventory is 7.42 months. Here the ratio of foreclosed homes to total listings is 7.4% while 21% of sold homes are REPOS.
One needs to reflect a bit about the affect of foreclosures on the total market for this price range and 7% inventory will not greatly affect the total number. The reason that foreclosure home sales are 3 times the inventory is twofold. One is many of non-distressed sales inventory is overpriced and if one looked at the number that are really priced to sell is far below the numbers shown and the other is that about two thirds of short sale homes took more than 60 days to close escrow and many buyers don’t want to wait that long to get an answer from the bank.
Now, when news organization discuss price reductions, it will be for this price range and higher and this is due to the fact that getting a Jumbo loan is very difficult and requirements for down payment are as high as 40% and this doesn’t make sense since there is no sign that these homes are going to lose that much in value in the future.
The table below shows our current inventory of homes for sale in Las Vegas, Henderson, North Las Vegas and Boulder City priced $300,000-400,000.
| Greater Las Vegas homes inventory | Total Listings | Bank owned homes or foreclosures | Short Sale Homes | Non-distressed homes or Traditional Sales | |
| $300,000-$400,000 | 606 | 45 | 123 | 438 |
July sales for homes priced $300,000-$400,000 is shown in the table below. 417 homes have sold in this price range. 120 have been bank owned or Repo homes, 122 short sales and 175 were non-distressed traditional sales. As we go up in price the percentage of non-distressed sales increases.
| Las Vegas homes priced $300,000-$400,000 | 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 | 123 | 97.%, 35.8% | 98.4%, 22% | 96%, 42% |
| Foreclosure Homes | 27 | 101.4%, 48% | 100%, 37% | 97%, 15% |
| Short Sale Homes | 37 | 92%, 24.3% | 97.4%, 11% | 98%, 64.7% |
| Non-Distressed Homes | 59 | 96.5%, 37% | 97.3%, 22% | 94.7%, 41% |
Future price cuts are more probable for this and higher range prices. Additionally, not too many buyers would make a decision to buy a home at this price range just because of the tax credit, so the impact of the tax credit in this price range and higher should not be statistically significant but the inability of the buyer to get a good loan with a low down payment is.
Related Web-Site links and blog posts:
Las Vegas real estate market – homes for sale priced $200,000-$300,000
Las Vegas real estate market – homes for sale priced $100,000-$200,000
Las Vegas real estate market – homes for sale priced below $100,000
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 13, 2010 at 9:03 pm
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