Las Vegas Market Shows Signs of Recovery

The inventory of unsold homes in the distressed Las Vegas metro market is at its lowest point in 18 months, according to the Rob Report, a monthly market overview published by luxury real estate broker Rob Jenson of RE/MAX Central. As 2009 drew to a close, there was a 6.1 months' supply of houses for sale in the Vegas-Henderson area. But there was just a 2.8 months' supply if homes under contract but not yet closed are excluded. A total of 10,651 single-family houses are in contingent or pending status, Mr. Jenson reports. Most of the houses on the market at $1 million or less are distressed sales - 10,633 short sales and 4,272 foreclosures out of a total of 18,343. But take-backs are outselling short sales three-to-one, the agent says. In December, 3,071 properties actually changed hands, a 5%, or 151-unit, increase from November. Of those sales, 78% were distressed, including 1,822 foreclosures and 583 short sales.