Greater Las Vegas Association of REALTORS or GLVAR reported the inventory of condos, townhomes and single family homes for sale in Las Vegas, Nevada real estate for May, 2007, almost reached record inventory at 23,000.
The Las Vegas MLS shows a single family home median price is $301,352 a 2.8 percent decrease from a year ago. This statistic is based off of 1,568 home sales during the month of May.
More than 50 percent of both condominiums and homes sold within 60 days of listing. There was $624 million in sales of Las Vegas Nevada real estate for May.Townhomes and condos for sale in the Las Vegas mls for May was up almost 50 percent from the previous year to 6,343. Median pricing for Las Vegas home sales were $189,999, a 5.9 percent decrease. May had 373 homes sales a decrease of 38.3 percent.
About half of the homes for sale in Las Vegas that are listed in the MLS are owned by investors who have left them empty because they can’t rent or sell them. The homes could show up as a short sale or a foreclosure. Nevada real estate is the a leader in foreclosure filings per household.
Despite what economists have predicted home prices have not plunged 30 percent as expected because of slow sales and high foreclosure.
The data collected from the GLVAR in the Las Vegas MLS show only sales completed with a REALTOR. Builder new homes and FSBOs are not included in the data.