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September Market Update

September was another month of more of the same in our Las Vegas real estate market.  There are still over 20,000 active listings in the Multiple Listing Service, 16,240 single family houses and 4,486 condominiums and townhouses.  Of the single family listings, over half were distress sales (4,800 bank owned and 5,458 short sales).  For condos and townhouses, there were 1,305 bank owned and 1,026 listed as short sales.

There are 5,897 houses with accepted contracts – 3,083 bank owned and 2,036 short sales.  903 condos have offers – 485 bank owned and 306 short sales.

There were a total of 3,081 sales in September, 2,699 single family houses (1,904 bank owned/241 short sales) and 382 condos and townhouses (259 bank owned/30 short sales).

Sales continue to be focused on the under $300,000 price range.  There were 124 sales of condos and townhouses for less than $100,000.  208 were between $100,000 and $200,000.  1,480 houses sold for less than $200,000, of which 120 were under $100,000.  There were 765 sales between $200,000 and $300,000.  A total of 455 houses sold for more than $300,000.

With the end of seller assisted down payment programs and the current economic climate, the Las Vegas Home Specialist October market update will be the one to watch.

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