Las Vegas housing market condition report for February 2011.

View the entire Market Condition Report.

In January 2010 the median closing price for a home sold in Las Vegas, NV was $135,000. In January 2011 the median closing price has fallen to $126,000, a drop of $9,000 in house prices. The market bottom in terms of price is currently undefined, however prices are continually to fall at a faster pace than in previous months. The price declines are due to sellers dropping their asking prices.The current supply is stable and demand is somewhat flat at this time. However, there is an rise in the number of homes having offers accepted and going into escrow. At this time it is anticipated that Short Sales will begin to see a larger share of the closings.

According to the Las Vegas home market report January 2011 had 2,357 homes sales. Foreclosures led the way with 49% of the sales following by short sales with 29%, and standard sales with 24%.

The Vegas property report shows that there are now 12,468 homes for sale in Las Vegas. Currently, there are 9,132 single family homes in escrow. In January 2,835 of these Las Vegas homes failed to close escrow. This means that 48% of the homes in escrow closed during the month of January. It took on average 177 days from the time the house went on the market until it finalized escrow. The median asking price of a Las Vegas home for sale is $136,000 while the median closing price is $130,000.

REO (bank owned properties)

There are currently 2,349 foreclosures for sale while 1,292 properties closed escrow in January. Only 272 homes failed to close meaning that 83% of these properties are closing. The median asking price is $120,000 and the median closing price is $116,000.

Short Sales

There are 6,360 short sale homes on the market while only 722 closed escrow in January. 1,797 homes failed to close in January. Currently, there are 5,969 single family homes in escrow. So, only 29% of the short sales completed escrow in this month. The median asking price of a short sale is $125,000 and the median closing price is $135,000.

Standard Sales

As of now there are 3,751 Standard Sale homes for sale in Las Vegas, NV. January had 628 of the homes close escrow while 758 failed to close. Currently, there are 1,008 of these properties in escrow. 45% are selling and it is taking 155 days from the time of the listing to the time of the close. The median asking price is $196,000 and the median closing price is $155,000.

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

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