Las Vegas Foreclosure Report

- 04/03/2009

For areas 101 through 606 on the Las Vegas MLS which includes Henderson, Green Valley Real Estate, Summerlin Real Estate and North Las Vegas, there are currently 6,044 REO homes available for sale. This shows a continued decline in available inventory on the Las Vegas MLS from the last report that you can view on our Las Vegas Foreclosure page. (6,765 on 03/01/2009 and 7,750 on January 20th, 2009)

While the numbers have declined for the past two months, this is still quite an increase from 04/12/2008 when we tracked 3,277 foreclosures for sale on the Las Vegas MLS. (History can be found on our Las Vegas Foreclosure Report page going back to May of 2007.)

However… total listing inventory for the same areas is now 18,733 which is a decrease in total inventory available for sale in comparison to April of 2008. Current total Inventory on the Las Vegas MLS for ALL areas is currently 19,845. In comparison, according to the chart below, there were 22,942 single family residences available for sale on the Las Vegas MLS for April of 2008. (Single Family Home inventory includes condominiums, townhomes and Manufactured Homes since these are zoned “Single Family”.)

Single Family Inventory in Las Vegas

This could be a very strong indicator that Las Vegas real estate may soon be stabilizing and needs to be watched in the coming months. The big wildcard is the increase in the Number of Las Vegas Notices of Defaults filed in February which could be an indicator of more foreclosures to come if not resolved with a short sale or loan modification.

Keep reading to view the amount of foreclosures in Las Vegas currently under contract and some news that will probably be traveling around pretty fast.

Breakdown of Todays Las Vegas

Foreclosures Available

Single Family Homes – 4,620 Bank Owned Homes ranging in price from $3,950,000 for this Luxury Las Vegas foreclosure to $19,500. 

Condominiums – 952 Bank owned condominiums in Las Vegas ranging in price from $599,900 for this Turnberry Foreclosure to $19,900.

Townhomes – 456 Bank Owned Townhomes ranging in price from $520,000 for this Lake Las Vegas townhome to $19,000.

Manufactured Homes – 16 Manufactured homes ranging in price from $135,000 to $24,900.

Las Vegas Foreclosures Currently

Under Contract

There are currently 5,396 Bank Owned Homes in areas 101 through 606 currently under Contract! These are the highest numbers we’ve seen as buyers are snatching up the good deals and taking Las Vegas foreclosures off of the market.

Asking list prices ranged from $1,600,000 for an Anthem Country Club home to $18,000. For Las Vegas Condominiums, the highest asking list price currently under contract is a $560,000 High Rise Condominium in Panorama Towers.

These are very strong numbers for activity taking place and the total amount of single family properties in Las Vegas currently under contract for areas 101-606 is 9,295.

In comparison to see how significant this is, you can jump over to Ryan Ward’s Atlanta Real Estate site where he keeps track of the total amount of properties under contract and see only 6,396 with a total amount of properties available for sale at 45,871. Atlanta is a much bigger metropolitan area then Las Vegas and it’s pretty obvious to see that Las Vegas is much farther along in the correction process with the amount of activity taking place.

Las Vegas real estate buyers are taking advantage of the low prices, low interest rates and the first time homebuyers $8,000 tax credit to move inventory.

Las Vegas Foreclosure Search

To view foreclosures currently available for sale that are listed by cooperating Brokers on the Las Vegas MLS, you can visit our Las Vegas Foreclosure Search.

Or… search thousands of Las Vegas Homes for sale and create/save your own search and have the newest listings that meet your criteria conveniently e-mailed to you.

For personalized service and to be notified of the newest Las Vegas foreclosures that become available with your criteria, please use the contact information below.

Paul Francis, CRS
Prudential Americana Group
Las Vegas Real Estate
702.592.3058