Las Vegas home sales skyrocket in real estate market for 13 months in a row. The Greater Las Vegas Association of REALTORS reported prices continued to decline in April and is leading the US in home sales.
Homes listed for sale in the multiple listing service has continued to decline in April to 22,112. A 3.6 percent fall from a year ago of 24,000 units. Inventory also declined due to the moratorium the Fed placed on real estate from November 2008 to March 2009.
The real estate owned and foreclosures sold in Las Vegas real estate during April dominated about 80 percent of the sales listed in the mls. Another factor helping the sales of residential real estate was the median price was $141,720 or a 39.9 percent decline!
Brokers sold 3,198 single-family homes in April, a 78.3 percent increase from the same month a year ago. Sales have more than doubled for the first four months of the year.
There is approximately slightly more than a 5.5 month supply of homes for sale in Las Vegas, Nevada listed in the mls. Subtract 5,901 contingent sales and 3,190 pending sales in April show signs the market will have strong sales in the first two quarters.
Real estate agents are noticing more buyers because of affordable single family homes and 30 year mortgages at an all time low. First time buyers are purchasing through the Federal Housing Administration, too. Foreclosures are expected to be continue to dominate through the end of the year.
Thinking of buying a bank real estate owned home? Be ready to negotiate due to their market value minus a percentage to receive multiple bids. Now home prices are about a 50 percent discount from several years ago.