From Regional Multiple Listing Service.

March Residential Highlights

While sales activity in Clark County showed decreases March 2001 compared to March 2010, sales activity increased when compared to the previous month of February 2011.  Inventory also decreased, reaching the lowest level for Clark County since June 2010.

Comparing March 2011 to March 2010 shows closed sales decreased by 13.9%.  Pending sales also fell by 15.3%, and new listings dropped 18.9%. 

Month-to-month, when comparing February 2011 with March 2011, closed sales grew from 274 to 390 (42.3%).  Additionally, pending sales increased from 408 to 563 (38%), and new listings went up from 705 to 769 (9.1%).

At the month's rate of sales, the 3,227 active residential listings would last approximately 8.3 months.

Sale Prices

When comparing March 2011 with March 2010, average sale price went down 12.7%.  the median sale price also fell 11.3%. 

A comparison of the previous month of February 2011 to March 2011 shows the average sale price decreased from $228,300 to $213,500 (-6.5%).  The median sale price also went down from $190,000 to $186,400 (-1.9%).

First Quarter Report

Comparing the first quarter of 2011 with the same period in 2010 shows closed sales went down 6.1% (989 v. 1,053) and 16.4% (2,312 v. 2,765), respectively.

Marjie's Comments:

The overall inventory for March 2011 was 8.3 months.  Per my prior blog, the inventory for type of home sale greatly varies for March 2011.  For regular sales, the inventory was 11.1 months, for short sales, the inventory was 16.23 months and for bank owned (REO) properties, the inventory was 2.0 months.