The Longs — and Shorts — in Las Vegas

Short sale listings, all 10,383 of them, outnumber foreclosures two-to-one in the Las Vegas area, but take-backs are outselling short-sales by a ratio of four to one, according to local broker Robert Jenson of the Jenson Group. And together, distressed properties of both varieties accounted for 79% of the 3,235 Sin City properties which changed hands in October. That's down two percentage points from 81% last month, Mr. Jenson reports, and it's the lowest share of the market since September a year ago. Overall, the luxury broker says in his monthly report, inventory, sales and prices have remained relatively flat. The total number of properties on the local MLS is 19,891, including 626 manses and 30 condos offered at $1 million or more, and the average price paid in October was $159,959. That's $24 more than in September, but $83,000 lower than the average in September 2008.