Las Vegas standard home sales draw top dollar - short sales and REOs lag

The current real estate chaos has introduced even the timid to the exotic avenues of unloading a home. Before, the industry experts were usually the only ones well-versed on REOs and foreclosure and short sales and even auctions. This generation of mortgage borrowers and homeowners has been, whether they liked it or not, put through a crash course on various "creative" methods of selling a property. Some have been personally involved in the paperwork-laden processes when delinquency was knocking on the door, while others have followed from the sidelines through media the often hair-raising developments. It has been for everyone a unique learning experience hard to forget anytime soon.

Southern Nevada - home to Summerlin, Mountains Edge, Spanish Trail, Henderson, North Las Vegas and Silverstone Ranch - is undeniably at the epicenter of the unusual sales method. What's intriguing about it all is how prices differ among them, as was reported by SalesTraq, a real estate information boutique.

In April SalesTraq counted 4,323 existing home closings in the Las Vegas housing market. Regular owner-initiated sales drew a median price of $135,000 on a volume of 1,383 units. REOs, or real estate owned by banks, brought $125,000 per home with 1,636 sales. Short sales, on the other hand, garnered the lowest median price at $122,000, with 969 closings. Based on these figures REOs, or mortgage lender foreclosures, and short sales in Southern Nevada lag about 8-10% behind the standard, untainted home sale.

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