Nevada’s foreclosure sales discount not as great as in other states

In yesterday’s post, 53 percent of Nevada’s residential sales are foreclosures, I noted that the average foreclosure sales price in Nevada was nearly 18 percent below the average sales price of homes not in foreclosure.  18 percent seemed to me to be quite a discount – that is until I read further into RealtyTrac’s Q1 2011 U.S. Foreclosure Sales Report™ and found that in ten states the average discounts on foreclosed homes in the first quarter were more than 35 percent below the average prices of non-distressed homes.  Double the current discount found in Nevada.

Foreclosure sales in Illinois and Ohio are selling at the greatest discounts, averaging 41 percent in those two states.  Kentucky’s foreclosures are selling at a 39 percent discount to homes not in foreclosure; followed by Maryland, Tennessee, Wisconsin, Delaware, Pennsylvania, Oklahoma, and Louisiana each with discounts of more than 35 percent.

Source: RealtyTrac®’s Q1 2011 U.S. Foreclosure Sales Report™

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About Guy Johnson

I am a licensed Nevada REALTOR® living and working in Reno, Nevada. Give me a call at 775-722-4011. My team and I will be happy to assist you with your real estate needs.
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2 Responses to Nevada’s foreclosure sales discount not as great as in other states

  1. Avatar Sully says:

    Guy, it’s possible NV is ahead of the curve in that regard. Foreclosures sales started in earnest first qtr/2009, when many were 50% off peak price. Those in the affordable range were selling pretty briskly. By now every one and their uncle (except SW Reno areas) have come to the realization that you HAVE to complete with distressed sales if you want to sell some time this decade. Even in the high end areas prices are declining, however not fast or far enough for my appetite.

    It doesn’t surprise me that the gap is closing here. Another possibility (however remote) is that we are actually hitting bottom (not a prediction, just a thought).

  2. Avatar Guy Johnson says:

    Good points, Sully.

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