View the complete October 2010, Market Condition Report.
Las Vegas homes closed in September 2010 at an average closing price of $135,000 according to a Nevada Title Company report. The closing price is down $5,000 from the previous month when Las Vegas properties closed at an average of $140,000. The average price in September of 2009 was $138,000 so Las Vegas houses are selling for $3,000 less in 2010. At this time there are 12,149 Las Vegas houses for sale and Vegas real estate is seeing downward pressure in pricing.
There were 2,439 closings of Las Vegas homes in September which is 307 fewer homes than the previous month. REO properties (Las Vegas bank owned homes), short sales, and standard sales all had fewer closing s than the previous month.
The supply of homes for sale in Las Vegas jumped by 1,143 houses in September. However, there were 439 fewer homes in escrow (pending/contingent).
The demand for foreclosures has slowed a bit and Las Vegas foreclosure listings are gradually increasing. Prices are weak, but the pace of decline has slowed. There are now 2,503 Las Vegas foreclosures on the market while 1,064 just closed this last month. Currently there are 2,001 foreclosure properties in escrow. 90% of the foreclosure properties are selling and their median closing price is $125,000.
Short sale listings have increased to 5,862 while the demand for these houses is slipping. Prices of short sales remain stable. Currently there are 7,090 short sale homes in escrow while 810 of these properties closed this last month signaling a slowdown in closings.
The standard sales have 3,784 properties on the market while 735 closed escrow in September. At this time there are 1,226 of these homes in escrow. 54% of these properties are selling. The inventory of these homes are slowly rising. They have a stable demand although the list price, price in escrow, and closing prices are slowly falling.
Contact an Experienced Las Vegas Realtor!
Bob and Jackie Simmons
The Realty One Group