Las Vegas real estate statistics since December 1st, 2007

Just a short quick post concerning something that was mentioned to me from another Las Vegas REALTOR® concerning the amount of Las Vegas residential real estate that expired in December.

I could not believe the number so I did my own search for Las Vegas, Summerlin and Henderson homes and condominiums that have expired since December 1st, 2007 until January 3rd, 2008. The numbers were nothing less then staggering:

7,465 Las Vegas area homes expired.

The area that had the most expired homes was Area 103 (North Las Vegas) with 805 homes expiring. The 604 area (Henderson Real Estate) had the lowest amount with 86 homes expiring.

Some of these Las Vegas homes may have been put back on the market for sale. Obviously due to the numbers I’m not going to spend much time evaluating how many have been re-listed for sale.

Some other quick stats:

For the same time period 1,037 Las Vegas homes did sell ranging in price from $51,000 to a luxury Las Vegas estate that sold for $5,800,000 which was originally listed for $6,500,000 for a 89.2% List to Sales Price Ratio.

As of January 3rd, there are 23,812 Las Vegas homes (includes Henderson and Summerlin Real Estate) available for sale on the Greater Las Vegas Association of REALTORS® Multiple Listing Service (MLS).

The requests for Las Vegas real estate from buyers has certainly increased for us. Obviously I can’t speak for everybody but we are finding some incredible deals that are primarily bank owned homes. In our searches, we are coming across pockets of neighborhoods that we know very well with little sales activity and the list prices are reflecting older comparable sales.

It’s important to understand that these sellers may continue to be frustrated in their efforts to sell due to the fact that similar homes in other comparable neighborhoods may be priced much less and obviously much more attractive to Las Vegas real estate buyers that are seeking the great deals.

For more detailed information on a specific area, you can use the contact information provided below for your request.

*Information deemed reliable but not guaranteed.

Paul Francis, ABR,CRS | Coldwell Banker Premier | Las Vegas Real Estate | 702.592.3058