Las Vegas Real Estate Market Update & Las Vegas Homes Sold for March

Las Vegas Homes SalesLas Vegas real estate market update and home sales figures show existing single family and new homes increased for March. The Greater Las Vegas Association of REALTORS or GLVAR reported sales of condominiums, homes and townhomes for sale in Las Vegas, Neada real estate for March, 2008, declined year to date.

Resale homes escrow closings equaled 1,146 units in March. The total first quarter sales was 2,296 down 44.1 percent year to date.

The Las Vegas mls had a medium price of a residential home at $278,630, or a decrease of 9 percent year to date.

The total amount of closings of condos for sale in Las Vegas, NV was 188 units. Palms Place Las Vegas condominiums closed 102 units with an average price of $668,130.

The National Association of REALTORS reported national units of condos and single family homes to an annual rate of 4.93 million homes. This is a two percent decline.

For four straight months an increase of resale Las Vegas homes improved. Resale homes totaled 1,899 closings. For the first quarter of 2008, existing homes sales were 4,916 units or a 34.4 percent decrease.

Resale homes in Las Vegas real estate year to date decline is 19.3 percent. Short sales and foreclosures in Las Vegas reduced the price of resale homes median price to $230,000.

Las Vegas is still above the median price of homes listed across the U.S. The year to date decline was 7.7 percent or a price of $200,700. According to records for the last nine years, it is the second largest decline only second to last February’s decline.

The median new home sold price was $276,292, or a 10.2 percent decline. Closings for March new homes sold year to date decline was 40.3 percent, or 1,076.

The median price of the 980 home closings was $247,000 or a 13.9 percent decline. Resale home closings declined 62.8 percent for March.

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

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