Upon logging into our local Las Vegas multiple listing service (MLS), I was prompted to read a really long agreement concerning the accurate input of adding Las Vegas Bank Owned homes and Las Vegas short sale homes into the system. In order to continue I had to agree to follow the rules by doing an electronic authorization that I understood and agree to follow the inputting rules. Very important stuff since the Multiple Listing Services is the most reliable source for providing accurate information for real estate professionals in consulting their clients.

One of the primary reasons for this (from what I understood after reading the REALLY LONG disclosure statements) is for the ability to accurately track the amount of bank owned homes in Las Vegas for sale on the Las Vegas multiple listing service.

We’ve been tracking the amount of Las Vegas Bank owned homes on the Las Vegas MLS for over a year now and have watched the numbers grow. However, during this time frame, I have come across Las Vegas Bank Owned homes on the MLS that were not reported in the proper category (very few) so hopefully the information provided from here on out is dead on accurate.

As of today, 4/26/2008 here is the following data:

Las Vegas Bank Owned Homes on the Las Vegas MLS for Areas 101-606 (This includes North Las Vegas, Henderson, Summerlin, etc..) currently available for sale:

  • 3,804 Bank Owned Homes for sale on the Las Vegas MLS
  • 3,159 of these are classified as Single Family Residential Homes.
  • 644 Condominiums and Townhomes
  • 1 Manufactured Home

For Las Vegas Bank Owned Homes with a Contingent or Pending Status (“In Contract” status if you are from the Chicago area):

  • 2,467 Las Vegas Bank Owned Homes
  • 2,207 of these are classified as Single Family Homes
  • 259 Condominiums and/or Town Homes
  • 1 Manufactured Home

While there are obviously many more Las Vegas Bank owned homes on the Multiple Listing service compared to this time last year, the asking prices are certainly much lower.

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

Advertisement