So what’s happening with Bank Owned (REO) and Short Sale Listing availability?
These numbers reflect a continual drop in available REO and short sale. The 3119 available REO listings is a long way from the more than 10,000 that were on the market a few months ago
![](http://boss.1parkplace.com/uploads/00000040687/reomay09closings.jpg)
![](http://boss.1parkplace.com/uploads/00000040687/reo060909.jpg)
May closings sold according to the following terms:
Sold Term Average Sale Price
- Cash 36%…..$108,000
- Conv 24%….$185,000
- FHA 312……$155,000
- VA 6%………$189,000
Market activity and closed units again soared in May to numbers we haven’t seen since August 2005. However, despite the fact that the median sales price for single family homes dropped 1.2%, the average closed sales price actually increased 3.8% in May. One month of numbers does not a trend make, but this could well be a defining moment in the current market. We know that there are a large number of foreclosures to be released in the Greater Las Vegas Market, but they are being released very slowly even as the inventory continues to drop. At the same time investor and consumer confidence has clearly returned to our market in a significant way. This could be one of our most active summer markets in many years!