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 $500,000-$1,000,000
This is the fifth article in the Las Vegas real estate market series that I am doing for August, 2010. Well, if you want bad news, it is easy to find it in this price range. The inventory of homes in this price range is about 14 months and yet again we have to break down these by type of home sale.
Foreclosure or bank owned inventory stands at 5.6 months. Only 5 foreclosed homes sold in July and 4 out of 5 closed escrow or sold in less than a month, three out of four were purchased for $16,000-57,000 higher than the asking price, one sold at the asking price and the last one sold for $28,000 below asking price. Short sale inventory for this price range is 12 months.
Non-distressed sales are selling for about 93% of asking prices and the inventory of these homes is 15 months.
Now this is the type of data that screams price reductions, not homes that are priced below $300,000. Foreclosed homes or short sales are NOT the main reason that this segment of market is in trouble, it is difficulty with getting a Jumbo loan to finance these.
Sold homes were obviously priced to sell and a significant number of these homes are not priced to sell. The average days on the market for homes priced $500K-1 Million is 245 days before it sells.
Future price reductions can be worked in the offer, that is 4 out 5 bank owned homes sold in less than 30 days because they were priced low enough that if prices in this range go down another 10%-15%, these buyers will be protected.
Lastly, even in this price range buyers can’t lowball the bank since 4 out of 5 sold for more than or equal to asking price.
The table below shows our current inventory of homes for sale in Las Vegas, Henderson, North Las Vegas and Boulder City priced $500,000-1,000,000.
| Greater Las Vegas homes inventory | Total Listings | Bank owned homes or foreclosures | Short Sale Homes | Non-distressed homes or Traditional Sales | |
| $500,000-$1,000,000 | 525 | 28 | 72 | 425 |
Check out the short sale homes, none were sold for more than asking price, the only one that sold in less than 60 days sold for $525,000 for about ten percent less than asking price. The biggest price reduction was for a home that was on the market for about 2.4 years, it sold about $200,000 less than asking price.
| Las Vegas homes priced $500,000-$1,000,000 | 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 | 39 | 97.5%, 28% | 95.5%, 18% | 92%, 54% |
| Foreclosure Homes | 5 | 103.3%, 80% | 0%, 0% | 100%, 20% |
| Short Sale Homes | 6 | 0%, 0% | 91.4%, 16% | 93%, 84% |
| Non-Distressed Homes | 28 | 94.5%, 25% | 96.3%, 21% | 92.7%, 54% |
Double digit price drops in this range are not unreasonable, however bargains can be found.
Related Web-Site links and blog posts:
Las Vegas real estate market – homes for sale priced $300,000-$400,000
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
Las Vegas short sale homes or condos for sale
Las Vegas foreclosed or bank owned homes or condos for sale
Las Vegas non-distressed or traditional sale homes or condos for sale
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