Distressed Sales Continue to Dominate Vegas Market

The number of foreclosures on the market in the Las Vegas area fell in January for the eighth consecutive month, according to the latest figures from local RE/MAX broker Rob Jenson. Nevertheless, distressed sales — foreclosures plus short-sales — continued to account for roughly three out of every four deals closed in the Vegas-Henderson market in January. It was the fourth month in a row that 78% of all transactions were by troubled owners, give or take 1.5% either way. Twice as many short sales are currently being offered, but foreclosures outsell the "shorts," nearly three to one, according to the RE/MAX broker. Only 2,437 properties with price tags under $1 million sold in January, which was a 20% drop-off from December. The average sales price was $156,385. Nine properties sold for $1 million or more, one less than in the previous month.