The Las Vegas Foreclosure Report 8/17/2008
For my July Las Vegas real estate sales report, I broke down the percentage of July Closings that were bank owned homes that sold. Over 65% of total sales on the Las Vegas MLS were bank owned properties in the Las Vegas, Henderson and North Las Vegas areas or areas 101 through 606 in the Las Vegas area Realtor world.
I also broke down the price ranges and gave the number of Las Vegas area bank owned homes and what asking price range they were in. Today.. Let’s explore the:
- Current Number of Bank Owned Properties on the Las Vegas MLS
- # of Bank Owned Homes available for sale on the Las Vegas MLS broken down by price range.
- What any of this means to you as a buyer… or Las Vegas Real Estate Seller.
Bank Owned Properties currently for sale on the Las Vegas MLS
As of today, there are a total of 5,086 properties on the Las Vegas MLS that are classified as bank owned homes. A further breakdown:
- 4005 of these are classified as Single Family Homes in Las Vegas
- 745 are classified as Condominiums in Las Vegas
- 332 are classified as TownHomes in Las Vegas
- 4 are classified as Manufactured Homes in Las Vegas
(You can compare these numbers to my reported numbers for the past year by clicking the following link at one of my Las Vegas real estate websites.)
Price Ranges for Las Vegas Bank Owned Homes Currently available for Sale
| Asking Price Ranges | Number of Las Vegas area Bank Owned Properties |
| $99,999 and Lower | 834 |
| $100,000 – $199,999 | 2,635 |
| $200,000 – $299,999 | 962 |
| $300,000 – $399,999 | 330 |
| $400,000 – $499,999 | 165 |
| $500,000 – $599,999 | 90 |
| $600,000 – $699,999 | 27 |
| $700,000 – $799,999 | 13 |
| $800,000 – $899,000 | 11 |
| $900,000 – $999,999 | 7 |
| $1,000,000+ | 12 |
For Las Vegas Real Estate Buyers – Looking at what we see… If you are a buyer and comparing it to the number of Las Vegas Bank Owned homes that sold in the July market report, despite all of the sales that took place, Bank Owned Inventory continues to climb. So…In my opinion, Don’t go over Market Value (different then asking price) when buying a bank owned home. (Banks are doing a really good job of playing the emotions right now with some of the tactics taking place.) You win games by understanding the game. Are you really going to be missing out because somebody offered more then market value and their price is accepted by the bank? That’s for you to decide.
For a FREE list of Las Vegas Bank Owned Homes currently available for sale on the Las Vegas MLS that meets your criteria and for expert Las Vegas real estate representation free to you, please submit your request by clicking on the following Link –> Las Vegas Bank Owned Homes For Sale.
Paul Francis, CRS
Las Vegas Real Estate
702.592.3058
(P.S. – Don’t miss the most current reports conveniently e-mailed to you when they are released by Subscribing to this blog by clicking on the following link -> Subscribe to the Las Vegas Real Estate Blog.)
August 23, 2008 at 10:30 pm
Please call me. Interested in bank owned properties. I am arriving Las Vegas Aug. 25, Monday.
Thank you.
Phillip
September 9, 2008 at 7:06 am
[...] the last Las Vegas Bank Owned Homes report on 8/17/08, we’ve added 282 more bank owned homes available for sale. What’s [...]
September 22, 2008 at 10:03 am
[...] (Areas 101 through 606) increased again to a total of 5,529 — up from 5,086 from the last Las Vegas Bank Owned Homes Report back on 8/17/2008. On my street alone, I can think of about 6 Las Vegas homes that are currently in the foreclosure [...]