Total Las Vegas Real Estate Sales

Total Sales for Las Vegas real estate on the Las Vegas MLS for areas 101 through 606 increased to 2,429 properties in May of 2008 in comparison to 2,086 total sales in April of 2008 or a 16.4% increase. This includes condominiums, single family homes, townhomes and manufactured homes on the Las Vegas MLS.

Bank Owned Homes in Las Vegas

The number of Bank Owned Homes (aka foreclosure homes) that closed escrow on the Las Vegas MLS increased from 1,134 closed Sales in April of 2008 to 1,458 Sales in May of 2008 or a 28.6% increase.

Las Vegas Short Sales In Las Vegas

The number of Las Vegas properties classified as Short Sales that closed escrow in May of 2008 was 168, up from 146 short sales reported as closing escrow in April of 2008 for a 15.1% increase.

As of 6/18/2008:

• 5,658 properties are classified as short sales on the Las Vegas MLS available for sale
• 2,067 properties classified as short sales on the Las Vegas MLS currently in a “pending” or “contingent” status

In our Las Vegas Short sales report back on May 13th:

There are currently 1,738 properties classified as Short sales that are currently Pending/Contingent (In contract) out of a total of 6,281 properties currently in escrow in Las Vegas. (In escrow = Pending/Contingent.)

This shows the difficulty and time involved in working with banks in closing a Las Vegas Short Sale. With over 1,700 properties classified as a short sale in a contingent/pending status, there were only 168 of these types of properties that closed escrow in May. Today, the number has increased to 2,067 properties classified as a Las Vegas Short Sale in a Contingent/Pending Status or a 18.9% increase.

The Chart Below shows the number of total sales, Bank Owned Sales and Short Sales for the Las Vegas MLS for March, April and May of 2008 that actually closed escrow.

For your Las Vegas real estate needs, please use the contact information below.

Paul Francis, CRS
Coldwell Banker Premier
Las Vegas Real Estate
702.592.3058