Foreclosure Houses in Las Vegas are becoming a scarce commodity here in Las Vegas. Big media is pouncing on the obvious negative for numbers just releasee for August; i.e. that our prices fell by 2.4%.
But, this percentage point is not significant in our view – yes, we’d like to see a positive gain in appreciation for a change. But, in our opinion, this small drop in value may be based on the larger economic issues than anything else.
Data on Foreclosure Houses in Las Vegas
If you look hard at the Foreclosure Houses Las Vegas numbers they show a different picture of what is really happening in the Las Vegas Real Estate Market than what many think! We had a total of 9,146 Single Family Homes for sale, with no contingencies or pending sales.
Just for more detailed analysis, you can break this number down by 40% being Las Vegas Short Sales (approx), 34% are Real Estate Owned (REO’s or bank owned”) and 26% were standard listings.
This 9,146 number is huge in terms of what it says about it market. We are selling approximately 4K homes per month and last year we had 22K homes listed (approx) at this time. This means we have just over a couple of month’s of inventory for Single Family Residence Homes available for sale in Las Vegas.
Demand Strong for Foreclosure Houses in Las Vegas
Demand is quite strong for Foreclosure Houses in Las Vegas, especially in the red hot price points of $0-150K. Investors are snapping up these homes quickly and we are seeing multiple offers on a regular basis for homes in this price range.
Many investors are coming into our market from outside the US and building up a portfolio of rental homes. We estimate that 20-30% of the Foreclosures Houses in Las Vegas that are being sold end up in investors hands.
As we touched on earlier, we don’t think a 2.4% dip in prices is going to offset the fact that we have just a two month supply of inventory. We believe the two month supply issue trumps other variables and underscores the good direction that our market is moving in.
