Over 108.4 percent increase of Las Vegas homes sold in February 2009 from the same month a year ago according to the multiple listing service data. Foreclosures and bank owned properties dominate the Las Vegas real estate market, approximately three-fourths of sales, drive median prices downward. This trend will continue forward of sales due to falling prices.
The amount of single family homes sold during February 2009 was 2,288 units, an increase of 2.9 percent from Jan. This was a huge increase from last year’s total. Because of the distressed property domination the median price of residential real estate declined 36.9 percent year to date and came in at $155,603.
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