It's a low probability play but it's still worth filing a police report for the small chance it shows up. Also, many insurance policies want a police report for the claim, but to be honest the cost of a replacement N7 may be less than the deductible for homeowner or renter insurance. But if it was purchased with a card that has purchase protection, that's usually no deductible.
Also, if the thief is stupid and the N7 is still associated with your Play Store account, you may be able to push an app like Plan B to track the location.