Las Vegas Luxury Properties Link

The Las Vegas Housing market continues to see declines in inventory for the 20th week in a row as contingent properties go above 10,000 properties. This is a significant amount of homes under contract.  For one of the hardest hit market in the country, one of our biggest road blocks is the amount of foreclosures on the market.  Foreclosures drive home prices further and further down, so having less of them on the market gives signs of a stabilizing market.  Here is the latest statistics about the Las Vegas Real Estate Market:

Availability in the residential resale market continued to contract during the first week of August as the number of properties listed as available in the Multiple Listing Service (MLS) dipped by 216 units to 12,723. The latest activity represented the 20th consecutive weekly decline. Compared to the same time one year ago, inventory is down 42.4 percent, or a decrease of nearly 9,400 units.

During a period when the count of available listings has declined, the number of properties identified as "contingent" continues to rise. Nearly 10,000 homes remain in a contingent status, a classification that suggests a sale has been negotiated but the transaction is not guaranteed to close. A number of reasons are identified for properties in a contingent status, but short sale units awaiting lender approval represent the lions share. Nearly two-thirds of all contingent units are awaiting lender approval to release the current homeowner of any further obligation on the existing loan, a condition that can be difficult to consummate. The timing and viability of these transactions remains uncertain.

If you would like to search for well priced foreclosures in Las Vegas on the market click here or you can contact me directly at 1-866-589-1646.

Felipe Crook

Prudential Americana Group Realtors

Las Vegas Nevada