This Las Vegas Real Estate Market update is courtesy of Steve Bottfeld, Marketing Solution and Larry Murphy, SalesTraq™

The existing home market showed a mixture of positives and negatives quite strongly.  There were 4,942 existing home closings in May, a 17.4% increase from last year. However, more than half (51%) were purchased for cash.  And more than three quarters (79%) were vacant.

Available listings of existing homes slid to 13,891 of which 46% were short sales.  This is an improvement over the last few months.  Unfortunately, there were 2,233 foreclosures in May, the highest level this year.  And, after 13 months of steadily declining numbers of foreclosures held by financial institutions, May experienced a slight uptick.

The median price of an existing home dipped $700 to $106,200.  Interestingly enough, the median price of a short sale has been $120,000 each of the five months of this year.  Whats holding prices down is auction sales at a median of $90,200.  Another positive: non-distressed homes have climbed to a median price of $120,000, their second highest level of the year.  Foreclosures were at their lowest point of the year at $102,000.

One of the keys to Las Vegass real estate future is the Foreclosure/Bank-REO (Real Estate Owned) element.  That has shown virtually no signs of improvement. If there is one statistic to watch for Las Vegas future, it is the number of potential foreclosures.

Interestingly, the market moves from pessimism to optimism in the new home sector.

Surprisingly, the number of new home communities increased 5 to 249, the highest level since September 2009.  Thats a 9.2% improvement over last year.  New home sales improved over last month.  And, while 298 is nothing to sing about, the price of a new home inched up $3,143 to $193,843.  The average price per square foot also jumped six dollars to $99.49. 

Perhaps the most significant new home statistic was that there were 436 new home permits pulled the highest number in more than one year.

Are you looking to purchase property in the Las Vegas area?

Now is the time to buy Las Vegas Homes.  Contact Us directly at 702-608-5260.

Search for Las Vegas Foreclosures

Use our Interactive-Map Search for all Las Vegas Homes for Sale

Search Our Las Vegas NEW Homes Database

Are you a Homeowner Considering a Las Vegas Short Sale?

The O'Brien-Nikolov Team are experts with the Las Vegas short sale process.

Jan O'Brien is the co-author of the Certified Foreclosure Alternatives Consultant designation course. 

Call Us direct at 702-608-5260 to schedule a Foreclosure Alternatives Consultation today.