Las Vegas Home Sales Post Big Numbers
Las Vegas home sales continue to post big numbers in May. The Las Vegas home inventory declined by 9.3 percent from a year ago. This reflects a seven month supply of Las Vegas homes on the market.
REALTORS sold 3,255 Las Vegas single family homes during the month of May which is a 60.7 percent increase in sales from a year ago. Las Vegas single family homes, townhomes and condos accounted for nearly 4,000 in total units sold for one of the best months on record.
On June 1 a bank moratorium was lifted, but do not be surprised if you do not see the Las Vegas real estate market flooded with REO's. Figuring that there are possibly 20,000 to 30,000 Las Vegas REO's still available by the banks. If all these Las Vegas REO's were released into the market place it would have a devasting affect on prices. Lowering the already below replacement costs currently to almost giving away homes if all the Las Vegas REO's were released at one time. Some banks will be in position to manage there REO's better than other banks.
Las Vegas bank owned homes fell 29 percent from a year ago to 2,992 which was one fouth of the total single family home inventoy. There were 3,092 REO closings and 6,029 pending sales, up 124 percent and 78 percent from a year ago. REALTORS listed 4,211 Las Vegas homes in May with an average price of $150,000.
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If you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me, Bob Ratliff with RE/MAX CENTRAL LAS VEGAS, at rratliff@remax.net, or call me at 702-807-5528. I look forward to hearing from you!
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