Las Vegas real estate report January 2011

View the entire Market Condition Report.

Las Vegas House Prices:
This Las Vegas real estate report shows a $5,000 drop in the median sales price form a year ago in 2009. One year ago at this time the median close price of a Las Vegas home was $137,000 and it is currently at $132,000.
Currently, 53% of the Vegas homes on the market are selling. Of the sales 46% are REO properties (bank owned, foreclosures), 28% are short sales, and 27% are standard sales. (At this time the standard sales are primarily investors who has bought homes and are flipping them for a profit. However, these are the actual owners of the property according to recordings.)

Supply and Demand:
There is a current supply of 12,520 homes on the market. 2,776 homes are closing a month and 2,511 homes are failing to close escrow. As of this report there are a total of 8,956 homes in escrow. Again, 53% of the homes in escrow are selling. When a house does close it is taking on average 174 days from the time the home goes on the market til the time it does close escrow.

The previous year has 498 more single family residential sales that in 2010. Also of note is the fact that the closing price declined in six of the last eight months.It is estimated that these prices will continue to decline into the middle of 2011. All of the property types (REO, short sales, and standard sales) are weakening at this time. Look for a sluggish market for the continuing winter season. Also, it is expected that short sales will be taking a larger share of the market closings.

Search the MLS for Las Vegas homes for sale and condos for sale.

For a Las Vegas Realtor contact:
Bob and Jackie Simmons
Realty One Group

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