Sales Up 40% in Vegas, Most Are Distressed

Sales were up 40% in the Las Vegas and Henderson housing markets in March, according to the latest Las Vegas Real Estate Market Report, but 86% of the 2,842 units that were sold were distressed sales. The majority of the sales (2,252) were properties that were foreclosed upon. The number of units listed for sale in Las Vegas and nearby Henderson in March was down slightly from February to 21,332. But 9,160 are listed as foreclosures and 7,781 are listed as short sales. The average selling price last month was $167,436, down 6.6% from February, the second largest decline in more than a year, and 31% from July 2008. "March was the strongest sales month in more than a year," said luxury real estate broker Robert Jenson of the Jenson Group, who produces the monthly report. "March showed a strong improvement over the last two months, showing gains in almost every category except average sales price.