Las Vegas real estate market update and resale home sales for December 2008. The Greater Las Vegas Association of REALTORS reported median home prices fell 32.7 percent and home sales went up almost 300 percent from a year ago. Buyers are realizing that it is a great time to buy property.
Good news to report that during this time of economic crisis the monthly residential real estate sales continues to increase. Traditionally December is a slow month for sales, but not for Dec 2008.
Las Vegas homes for sale inventory remained fairly similar with only a .6 year to date increase from 22,144 units.
Residential homes, townhomes and condos in Las Vegas, Nevada have seen a considerable amount of sales, according to the multiple listing service, for four straight months. Year to date totals show an increase of 172.5 percent of condo sales to 455 units and another increase of 184.2 percent for 2,498 home sales.
It’s the fourth straight month of dramatic sales increases for both single-family homes and condos and townhomes. The 2,498 home sales are up 184.2 percent from 879 in December 2007, while the 455 condo sales are up 172.5 percent from 167 a year ago.
Lowest level since 2003 of median home prices fell to $175,000. Condos also for sale in Las Vegas fell to $89,900 or a 51.4 percent decline.
December showed a higher of vacancy in Dec of 74 percent compared to 57 percent a year ago for condominiums, with single family homes at 65.2 percent.
Foreclosures or bank owned properties in Las Vegas, NV were more than 75 percent of closings and 41 percent of all mls listings in Dec. Short sales accounted for 11 percent of closing or 31 percent of the listings.
Many investors are purchasing real estate deals for their portfolios. Most of these properties are below their original purchase price. Some predict there will be a decline in prices for the coming months.
Las Vegas real estate market update and resale home sales for December 2008.