Las Vegas Home Sales are trending in the right direction. For the first time since 2007, home prices have increased on a year to year basis, as reported by the Greater Las Vegas Association of Realtors earlier today. We expect this Las Vegas Home Sales trend to continue moving forward as our market continues to bounce back.
Las Vegas Home Sales
We are pleased to report the median price of a Las Vegas home increased to $142,000. last month (April), up ever so slightly 0.2% from a year ago at this time and approximately 4.4% from March. This is the first annual increase in Las Vegas Home Sales since our prices were pegged at $310,000. back in February of 2007!!
Quick Stats for Las Vegas Home Sales:
- Short sales accounted for 27 percent of home sales in April, compared with 22 percent two months earlier.
- Real estate-owned, or bank-owned, homes decreased to 43 percent of total sales, compared with 53 percent in February.
- Prices on real estate-owned homes climbed to $131,756, up 4 percent from $126,372 in March.
- Approximately sixty-eight percent of single-family homes sold within 60 days, compared with 60 percent a year ago. Also, 43.3 percent of homes were purchased with cash, primarily via investors, with a good percentage of these being from out of state.
- Short Sales are increasing and Foreclosures are decreasing, which is good for our overall market.
- Home inventory continues to drop but at the same time, competition is not as fierce for Las Vegas Home Sales.
