Las Vegas Homes, Condos, Land and Commercial Real Estate Blog

In order to gain an understanding of what could happen in the Las Vegas residential real estate market in 2010, it is beneficial to take a look at what happened in Las Vegas homes, condos and townhomes for sale market in 2009.

Las Vegas MLS shows 46,879 residences have sold in Clark County in 2009. However, I will only discuss homes, condominiums and townhomes which were sold in the Greater Las Vegas Valley, which includes Las Vegas, Henderson, North Las Vegas, Boulder City and Unincorporated Clark County, which were sold through the Las Vegas MLS. That is, a Las Vegas Realtor was involved in the deal. I have excluded properties which were sold through various auctions or for sale by owner, since the sales through the Las Vegas MLS is the engine that drives the residential real estate market in Las Vegas.

Greater Las Vegas homes, condominiums and townhomes sold in 2009

44,868 homes, condominiums and townhomes sold through the MLS in 2009 in the Greater Las Vegas Valley, of these 32,159 or 71% residences were foreclosures or REOS (real estate owned or bank owned), 5,253 or 12% were short sales and 7,456 or 17% were regular sales.

Clark County home sales numbers are the second highest in history, 18,555 sold in 2007 and 28,618 sold in 2008.

Realtors sold 3,472 single-family homes in Las Vegas in December, a 36.9 percent increase from December 2008, the GLVAR reported. So far Jan-2010 sales numbers are 1648, 949 REO, 350 Short Sales, and 349 regular sales so far. Keep in mind that December-2009 sale numbers were homes that went into escrow in October and November, 2009.

Greater Las Vegas (Las Vegas, Henderson, North Las Vegas, Boulder City and Unincorporated Clark County Homes, condominiums and Townhomes sold in 2009 by price range and type

Now, we have not seen any price drops for Comps in the last 6 months and there have been about 2680 foreclosed homes, condo and town homes per month sold in the Greater Las Vegas per month. Our current inventory of foreclosed homes is 2,000, which means that we have less than a one month inventory of foreclosed homes at this time.

 I have also set up a Face Book page for the Las Vegas homes, condos, land and commercial real estate and also a Masoud’s My Space. Although these pages are a work in progress, please feel free to add me as a friend.

More on Las Vegas real estate market in the next blog.