Las Vegas Real Estate Market Update & Las Vegas Homes Sold For April

Las Vegas Homes SalesLas Vegas real estate market update and home sales figures show existing single family and new Las Vegas home sales for the first time in 2.5 years, rose from the same month year to date. The Greater Las Vegas Association of REALTORS or GLVAR reported sales of townhomes, condos and homes for sale in Las Vegas, NV real estate for April 2008, fourth consecutive monthly increase.

Total real estate in Las Vegas transactions in the multiple listing service for April totalled more than $510 million in sales, or a 13.1 percent increase.

Resale homes escrow closings equaled 1,794 units in April, an increase of almost 30 percent from year to date sales figures. This is a good sign for the local real estate market, an almost 20 percent increase of home sales from March 2008.

Due to the current credit market conditions, properties owned by lenders and banks account for approximately 50 percent of all Las Vegas homes sold each month.

The Multiple Listing Service had a stabilized inventory of homes for sale in Las Vegas at 22,942 units, or year to date increase of 3.1 percent.

The Las Vegas mls had a medium price of a residential home at $235,875, or a decrease of 22.7 percent year to date GLVAR statistics. This is also a decline of 3 percent from March 2008 numbers. Because of the large home inventory being sold off by lenders, they are attributing to the decline in residential real estate prices. Declining inventory has brought the totals to a 12 month low.

Is this the time to buy a home in Las Vegas? We’ll, the three year adjustable rate mortgage loans will become due in 2009 for the 2006 home purchase. Foreclosures in the Las Vegas real estate market will continue through 2009.

The MLS data reported does not account for FSBOs and new homes by local builders including American West, Pardee and Pulte.
MLS listings of condos and townhomes for sale in Las Vegas increased 1.7 percent for April, or 5,466 units. That was a year to date decline of 11.5 percent.

For townhomes and condominiums, sales were up 7.1 percent at 212 units. A sales decline from April 2007 of 28.4 percent. There was a 4.9 percent decline from March for a median sales price of $155,000. Year to date figures show a 22.3 percent decline.

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Las Vegas real estate market update and Las Vegas homes sold for April.

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