Most Vegas Listings Are Distressed Properties

Sales increased a bit in Las Vegas last month, and the number of listings declined. But the average price of houses sold also dipped, according to monthly figures supplied by Robert Jenson, a realty agent who specializes in luxury properties. In February, a total of 20,953 units were listed for sale in the city, a decline of just 19 units from January. Only 2,023 units were sold last month, an increase of 28 units. But the average sales price fell 2.2%, to $179,303, Mr. Jenson reported. Nearly half the units listed for sale were properties that have been foreclosed on by lenders (9,037) while most of the rest were listed as short-sales (7,416). Despite the glut of houses for sale, the number of luxury units priced over $1 million that sold in February increased to eight, from just three the previous month. The average selling price was $1.99 million. Mr. Jenson's data does not include sales by builders.