A current check for Bank Owned Homes available for sale on the Las Vegas MLS for areas 101-606 (includes North Las Vegas and Henderson) shows a total of 4016 Bank owned Properties currently available for sale.

This is approximately a 5.6% increase in Bank Owned Properties available for sale in Las Vegas from the last report on 4/26/08 (less then a month ago) of 3,804.

A further Breakdown:

  • 3,313 of these are classified as Single Family Homes
  • 486 condominiums
  • 217 Town homes
  • 1 Manufactured Home

More importantly, Are Bank Owned Homes in Las Vegas Selling? (When they don’t sell, banks lower the prices to get them sold — reducing values.)

From the Las Vegas MLS for Bank Owned Homes that Sold (closed Escrow) for April of 2008 in areas 101-606 which includes North Las Vegas and Henderson:

1,120 Bank Owned Properties Sold and here is a further break down:

  • 1,012 Classified as Single Family Homes
  • 64 Condominiums
  • 42 Town homes
  • 2 Manufactured Homes

There are currently 2,943 Bank Owned Properties in Las Vegas that are in contract.

From the Las Vegas Review Journal.

For the first time since September 2005, sales of single-family homes in Las Vegas rose from the same month of the previous year, the Greater Las Vegas Association of Realtors reported Tuesday.

Home sales jumped to 1,794 in April, up nearly 30 percent from April 2007 and the fourth consecutive monthly increase.

The median price of a single-family home continued to decline in April, dropping 3 percent from March to $235,875, according to GLVAR statistics. The price is down 22.7 percent from a year ago.

Interestingly, my numbers for April showed a total of 2,056 closings with 1,831 of these being Single Family Homes. I am including North Las Vegas and Henderson.. Not sure why our numbers are different but my numbers for April Closings show that Bank Owned properties in Las Vegas made up 54% of the total sales.

The positive note is the increase in sales for Las Vegas and you can’t have stability in prices without sales.

Paul Francis, CRS
Coldwell Banker Premier
Las Vegas Real Estate
Las Vegas Bank Owned Homes
702.592.3058