March Records Higher Number of Houses For Sheriff Sale in Las Vegas

by on Foreclosures

Realtors in Las Vegas report that the rate of houses for sheriff sale in the area has increased over the last few months. The rise in home sales figures can be attributed to many investors wanting to take advantage of the dropping home prices.

Figures show a 30.6 percent increase in the number of single-family home units sold for the month of March compared to February sales. The same figures for Las Vegas home foreclosures for sale were also 6.6 percent higher than the one recorded in the same month last year.

But the prices of foreclosed homes for sale in Nevada also dropped by 1.6 percent from last month’s figures and by 7.4 percent from the same month last year. The median price is now pegged at $125,590.

According to statistics, while the entire inventory of bank foreclosure homes for sale rose by 8 percent with 22,184 units, the number of properties without any existing offer also increased to half of this overall inventory.

Realtors agree that the movement of foreclosure houses for sheriff sale this year seem to have a strong showing early this year with significantly more units having been sold in the first quarter.

On the other hand, the slide in median home prices could be due to the renewed market activity and may have been influenced by the investors themselves who tend to seek properties that are reasonably priced.

Many of those properties that were bought recently were negotiated in cash. But while the number of cash-paying buyers slightly dropped this month to 51.4 from 53.8 percent last month, Las Vegas still attracts the highest number of cash-paying clients nationwide.

Analysts say that the number of investors buying property in the area would likely increase for as long as home prices remain at a stable and affordable rate. These buyers continue to affect the levels of local median prices as well as the overall housing market.

One factor that could be pulling investors towards investing in real estate in Las Vegas is the latter’s extremely attractive local landscape and its character as the nation’s most famous entertainment site.

Real estate experts predict that Las Vegas will be seeing a more sustainable outlook once the market has recovered in the next few years. In fact, they say that even now, investors are willing to buy properties in Las Vegas and to further invest in their renovation.

A lot of potential is also seen for the incoming 2,000 or more houses for sheriff sale in Las Vegas, although many of them came from Fannie Mae and Freddie Mac. The challenge, however, is to keep these properties safe and guarded against vandals and looters.