Home values continue to rise throughout the Las Vegas valley. Over all, prices are up about 25 percent over the same time last year, with the median price at $142,000. There are currently more traditional sales on the market than distressed, either bank owned or short sale, a significant change from the same time last year. There are 3018 single family homes available, of which 392 are short sales, 296 bank owned and the remaining 2,332 are traditional sales. Condominium and townhouse inventory has shrunk considerably, with 910 for sale, 129 as short sales, 123 are bank owned and 658 are traditional sales.
However, there are 9872 single family homes under contract, of which 7608 are short sales, 536 bank owned and 2264 traditional sales. Given the time it takes to complete a short sale, this number should stay high for several months. There are 2042 condominiums and townhouses in contract – 1521 short sales, 104 bank owned and 417 traditional sale.
There were a total of 2864 sales of single family homes in the month of March, of which 998 were short sales, 300 were bank owned and 1566 were traditional sales. 513 condominiums and and townhouses sold in March – 184 short sales, 87 bank owned and 329 traditional sales.