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Las Vegas home sales figures and Las Vegas mls figures show single family homes inventory stable for February 2008. The Greater Las Vegas Association of REALTORS or GLVAR reported the inventory of condos, townhomes and homes in Las Vegas, Nevada real estate for February reached 22,000 listed in the multiple listing service. A decrease of 117 units from the previous month of 22,117 residential real estate units listed for sale.

Resale Las Vegas homes escrow closing fell to 901 units or a huge 59.7 percent drop year to date. The median price for resale homes was $250,000 or down 13.2 percent.

The Las Vegas mls shows a medium price of a single family home at $283,315, or a decrease of 11.8 percent. The total amount of new homes sold in Las Vegas for February 2008 was 867. This was near a 40 percent decrease from previous sales.

With almost 13,000 preforeclosure filings in Clark County the prices will not rebound until the distressed homes are depleted in the Las Vegas real estate market.

Foreclosures in Las Vegas, NV was extremely large for both resale and new home sales. A 353 percent increase of foreclosed homes for the month at 1,870 homes. Year to date foreclosures totalled 413 homes.

When will the bottom of the market finally happen? Some factors include stabilized prices, declining home inventory and increased sales. We haven’t seen the increased sales yet.

Foreclosure homes make up approximately 40 percent of resale homes in Las Vegas, NV. Most of the sale prices are up to 50 percent discount from the height of the residential real estate market in 2004.

New home builders in Las Vegas real estate sold 891 homes for February. The total for the first two months is a decrease of almost 50 percent year to date. The price declined 10.5 percent.

Year to date medium resale price is down 18.7 percent to $235,000. The first two months of 2008 had a total of 3,017 homes sold with 1,529 in February.

February had first closings for Allure Las Vegas with about 35, Palms Place with approximately 25 and Trump Towers Las Vegas.

New home permits have decreased almost 70 percent year to date.

Call 702-505-6988 for VIP Las Vegas residential real estate search with Las Vegas real estate agents.

Las Vegas home sales figures and Las Vegas MLS Feb inventory stabilized.

This entry was posted on Sunday, March 23rd, 2008 at 11:22 pm and is filed under Las Vegas Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.