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May Market Update

Wow. Real estate is not only local, it can turn around in a matter of a few weeks. Imagine my surprise when I checked on how many listings were in our local Multiple Listing Service in late May and found that for the first time in over a year the inventory of houses and condos for sale had dropped below 20,000. There continue to be around 19,500 listings. Closed sales broke 2000 in May, as well. There were 2,142 closings in May. There are currently 6839 properties with offers on them.

Most of these sales are centered on REO or homes owned by lending institutions – 1449 to be exact. Only 7 were short sales. This means that 734 sales were nondistressed sales. In addition, most sales are at the very bottom of the price range. 324 sales were for $150,000 or less. There were 501 sales between $151,000 and $200,000. 511 were between $201,000 and $250,000. 342 were between $251,000 and $300,000. There were a total of 648 sales over $301,000. So, when you want to understand the decrease in values everyone is talking about, be aware that this is because there are very few sales over $300,000 when compared to sales below that price.

For more information on buying or selling a home in the greater Las Vegas area or to search the MLS, visit the

Las Vegas Home Specialist website.

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