Single family residential (SFR) closings for February were up 3.3% from January and 8.8% better than February 2010. The median sales price of an SFR also improved by just over 2% to $128,000. Overall inventory continues to slowly shrink even as demand remains steady. This is also true for REO inventory which has dropped from a recent high of 3600 available properties to under 2900 as of this report. Reports of phantom inventory may be more myth than reality based on this fact!
Las Vegas Market Update – March 2011