Real Estate Agent: Most Vegas Area Sales Distressed

Sellers under duress were responsible for more than three out of four sales in the Las Vegas area in November, according to Rob Jenson, an agent with Re/Max Central. According to Mr. Jenson's monthly report, 77% of the 2,905 properties that changed hands in the month were distressed sales. That is the lowest share since June 2008. Total sales were down 10.2% in November. Mr. Jenson, who heads the Jenson Group at Re/Max, attributes the declines to the holiday season and the uncertainty over the first-time buyers tax credit, which was set to expire at the end of November, only a few days before Congress voted to extend the benefit through next June. On the brighter side - if there is such a thing in the devastated Vegas area - the average sales price rose a tad in November to $161,071. Also, the number of foreclosures on the market was down for the seventh consecutive month. But the number of short sale listings rose 2.6%, to 10,650. Overall, there is now a 6.8-month supply of homes for sale in the Vegas market. Excluding listings currently under contract, however, the supply dips to just three months' worth of houses. According to the report, nearly 11,500 properties are in contingent or pending status.