As a follow-up to my inventory post here from January. Here is more recent news:
The market in Las Vegas is way more robust and has been for many months then what the news media may lead people to believe; Las Vegas is on fire right now with multiple offers on any reasonably-priced property below $150K. We have had more unit-sales than at any time ever and now our available inventory is extremely low, especially bank-owned properties .
Here is this week’s graph that comes from housing research firm NARREIA. It might be helpful in understanding our market. The blue line is inventory and the pink line is what is under contract (in escrow). What can’t be shown in the graph is how many people are looking diligently for a home and have not been able to get one under contract. So even though this graph shows “demand” greater than supply already, the real demand is even much higher. The good thing for you as a buyer is that prices have not reflected the demand…yet. The bad news? See paragraph below. 
There are still great deals to be had and the important thing to understand is that there is a lot of competition for those great deals. 50% of all of our sales are cash and in this price range it is more likely around 65%. The $125k price range is really, really difficult in desirable areas. If you are in the $145k’ish range you have a better chance.
See related story Glut of Las Vegas Home Inventory? You Might Have Been Misled.