June 2012

If you are wondering why there doesn't seem to be much for sale in Las Vegas anymore: as of June 29, 2012, only 3,785 single family homes listed in the Las Vegas MLS remain as active (not under contract) in Clark County.

The current market breakdown looks like this:

• 492 homes priced under $100k - including 180 short sales and 88 foreclosures
• 1332 homes priced between $100k and $200k - including 447 short sales and 180 foreclosures
• 766 homes priced between $200k and $300k - including 190 short sales and 71 foreclosures
• 401 homes priced between $300 and $400k - including 69 short sales and 28 foreclosures
• 186 homes priced between $400k and $500k - including 25 short sales and 7 foreclosures
• 200 homes priced between $500k and $750k -

Some of our agents get pretty antsy if they're not working, even on vacation. Ed Orasi is prime example - if his body (or his wife!) would let him work 24/7, he would. He calls or emails the office every day while he is gone, making sure his clients are being taken care of.

Here's the latest from Ed during his enforced "vacation time" visiting family and friends in Florida this week. 

"My summer Vacation:

Trip to Miami   $1300.00
Miami Marlins Game  $180.00
Swimming with the Dolphins $200.00
Printer to work on Vacation  $190.00

Working on a 40 home portfolio valued at $3,500,000.00 on vacation - Priceless!!!!

For everything else there is MasterCard."

The supply of single family homes for sale in Las Vegas keeps dwindling at an alarming pace and average home prices are inching upward again. As of June 4, 2012, only 3.923 single family homes remain listed in the Las Vegas MLS as active (not under contract) in Clark County. At the end of April there were 4.594 homes actively listed, so this represents a 15% decrease in inventory and only gives the local market a 5 week supply of resale housing.

Properties selling for under $100k posted the biggest decrease in inventory as investors continue to purchase for cash as an investment.  Available foreclosures in this price range dropped over 50% as Las Vegas foreclosure filings remain stymied by AB 284.  

The current market breakdown looks like this:

564