Las Vegas real estate market update and Las Vegas homes sold for July 2008. Las Vegas home sales in July increased to 2,592 units. This is the most sold since almost three years ago, Sept. 2005. The Greater Las Vegas Association of REALTORS reported 23,423 homes remained in inventory.
Due to the high amount of short sales and bank foreclosure homes, inventory has fallen 2.8 percent and reported sales in the mls almost doubled from the same time year to date.
The median home price in Las Vegas residential real estate fell 25.4 percent year to date to $220,000 in July 2008. Because of the large amount of reo or bank owned properties are sold at less than the mortgage balances owed, this contributed to the median home price decline.
Home prices of new or the resale market will not stabilize or appreciate until the foreclosures are taken off the books. Buyers are now realizing that this is a great time to purchase their real estate.
July could have been the largest percentage of bank owned or short sales according to the mls with 75 percent in foreclosures and short sales totaled 9 percent.
Townhomes and condos sold in Las Vegas, NV had a very large gain in July to 21.8 percent from June. Year to date increase of 18.2 percent for condos sold. The median price fell slightly to $135,000 compared to June or a 30.8 percent decrease year to date.
These real estate market statistics do not account for the homes sold by local developers or FSBOs. Only data collected through the Las Vegas mls.
Las Vegas real estate market update and Las Vegas homes sold for July.