Luxury Homes Las Vegas – Existing home sales in Las Vegas continued to decline with 2,640 escrow closings in February, a 13.5 percent drop from the same month a year ago, the Greater Las Vegas Association of Realtors reported Thursday.

Lack of inventory is limiting sales. The number of single-family home listings without a contingent or pending offer has been cut in half from 6,543 a year ago to 3,047 in February. The median price remained unchanged from January at $150,000, which is a 24 percent increase from a year ago. We have buyers all over who are looking for homes here and we have a lack of inventory.

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“At the same time, that lack of inventory is sending prices up.” Inventory is likely to stay low throughout this year, even though legislators are expected to amend Assembly Bill 284, the robo-signing law that throttled notice of default filings.

“Bank of America is selling off as many as they can before they go to foreclosure so they don’t have to handle the REO process,” . “Wonder how many other big banks will do that?” 13,000 homes are in escrow with contingent offers, and 9,600 of them are short sales, or lender-approved sales for less than the mortgage balance. Not much has changed in the last month. Recently described the Las Vegas housing market as full of distressed assets – real estate-owned homes and short sales.

Nearly 74 percent of current inventory is comprised of traditional equity listings, compared with 41 percent a year ago and 30 percent two years ago. For the second month in a row, traditional equity sales accounted for more than half of total closings. Real estate-owned homes, or bank-owned homes, made up about 80 percent of all sales four years ago. They slipped to 10.2 percent in February, while short sales were 37.9 percent of all sales.

Cash transactions accounted for nearly 60 percent of February home sales, squeezing out buyers who need financing. Mantas Raulickis wrote an offer for a client last week on a single-story home in Summer­lin. As he prepared to submit the offer to the listing agent, he learned that the property had 45 offers, including 29 from cash buyers.

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