Las Vegas Market Reports – November 2009

This Las Vegas Market Report for November 2009 show a slight increase in the number of available bank-owned properties, with 2,200 listings in the Greater Las Vegas area. Short sale listings have also climbed to 4.500 while traditional listings total to 3,900.

Last September, REO closings made up 61% of all single family Las Vegas Homes sales, down from 80% a few months ago. Las Vegas short sales amounted to over 17% of all November sales, while traditional closings are still ahead with 22% of all residential sales last October.

Compare the price breakdowns of all closings this November in the Greater Las Vegas area. 

First, bank-owned closings:

Second, the traditional closings:

Available Las Vegas Homes have increased for the first time in 3 months. High sales activity has resulted into an absorption rate of 38% while the median price has increased to $140,000. 

October closings sold according to the following terms:

41% Cash, average sales price of $120,676

21% Conv, average sales price of $205,583

31% FHA, average sales price of $149,308

6% VA, average sales price of $175,545

There’s good momentum in the Las Vegas Real Estate Market right now which points to good figures this December as well as a positive outlook for 2010.