Las Vegas Market Reports – January 2010 Annual Update

The Las Vegas Real Estate Market has shown improvement in January 2010 over the same month last year. 2,608 single family Las Vegas homes closed last month, an increase of 17% over the closings last January 2009. Las Vegas condos and townhomes show a combined 594 closings, which amount to a 35% increase over the same period last year.

Available bank-owned listings have dropped down to 1,900 in the Greater Las Vegas area. Las Vegas short sales now total to 4,900 listed properties, while traditional listings account for 4.500. Short sale transactions also comprise about 21% of all sales in January, while traditional ones are following close at 20%. REO closings take up the remaining 59%.

Shown below are the price breakdowns of all Greater Las Vegas area bank-owned properties closed in January 2010. 

First, the bank-owned closings:

Next, short sales:

Last, the traditional closings:

Sales activity stays high for Las Vegas Homes under 1 million. Available homes have slightly increased but median price dropped narrowly from $136,000 to $134,925, resulting in a monthly absorption rate of 41%. 

Terms of January closings:

45% Cash, with average sales price of $124,763

21% Conv, with averages sales price of $191,248

27% FHA, with average sales price of $147,947

5% VA, with average sales price of $174,429

Cash sales have jumped up significantly since both conventional and FHA mortgages have tightened their credit and underwriting standards.