March home closings rose 21% to 2,720 compared to February closings. Buyers are taking advantage of the current market conditions and purchasing homes. Home closings are up 74% from March 2008. As foreclosures and short sale listings are still flooding the Las Vegas inventory, buyers are benefiting with the combination of low sales prices, low interest rates and high inventory. Foreclosed homes were 81% of the closings for March.

The average home price in Las Vegas dropped another 5% last month, or 43% since March of 2008. Multiple offers on properties are making a comeback as buyers are bidding on pristine properties at prices from 2002 and 2003 levels.

The Condominium market is up 25% from 441 sales in February to 554 in March. Compared to the same time last year, condo closings are up 164%. Condo foreclosures were 86% of the total closings for March. Condo short sales (the sale of a property that is less than the current loan amount) have steadily increased in 2009, showing that sellers are working with banks to sell their homes to avoid foreclosure.

The market is showing signs of strength when you factor in the contingent and pending sales of 9,220, many of which are waiting for bank approval. The number of closings, once bank approvals are received, could have a very positive market impact, decreasing inventory and further improving closing figures.