Las Vegas Real Estate Market Update And Las Vegas Homes Sold For May

Las Vegas Real Estate MarketLas Vegas real estate market update and home sales figures show single family homes sold median price show a gain for May 2008. The Greater Las Vegas Association of REALTORS or GLVAR reported Las Vegas residential real estate sales raised for a fifth month in a row.

The real estate market in the valley could be stabilizing according to sales data. For more than a year the local housing market has had some very tough challenges with the credit market and real estate valuation.

The Las Vegas mls showed a medium price of a single family home in May 2008 at $236,692 an increase of 0.3 percent from April. Year to date data showed a decline of 21.5 percent.

Home sales data may show that the real estate market in Las Vegas is close to its bottom.

At its highest point, in the third quarter of 2006, the Las Vegas real estate market was overvalued by 30.4 percent.

Large amounts of sold bank owned properties or foreclosures have steadily brought down the median home price for the past few months.


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The total amount of single family homes sold in Las Vegas, Nevada was 2,026 units, up 12.9 percent from April 2008. Year to date data showed a 29.2 percent increase.

The condo and townhomes median sales price for May was $139,450, a decline of 10 percent from April. Year to date data was a decline of 26.6 percent.

Total amount of units sold for condominiums and townhomes were 266 for May and showed an increase of 25.5 percent from April. Year to date data was a decrease of 28.7 percent.

Global Insight and Ohio Bank have released the House Prices In America study showing Southern Nevada’s move toward the housing market undervaluation. This hasn’t been the case since four years ago.

PhoneCall 702-505-6988 for VIP residential real estate mls search with real estate agents.

Las Vegas real estate market update and Las Vegas homes sold for May 2008.

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