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.
Townhome and Condo sales in Las Vegas real estate increased in February to 442 units or 166 percent. Year to date median price has fallen to $75,000 or a 50 percent decrease.
The peak of home sales in Las Vegas was in June 2004 with 3,552 units. The highest median residential real estate price was in June 2006 at $315,000.
Good news about the residential market correction: the number of pending or under contract for sale homes have increased to 8,129 units last week compared to last year of 4,045 units.
Home inventory on the mls declined to 22.142 units or 1.6 percent. Last year home inventory was above 23,000 units.
Buyers from outside of Las Vegas market are noticing the sales figures, too. The is a current $8,000 tax break for first time home buyers in Las Vegas, Nevada.
Over 100 percent increase of Las Vegas residential real estate sold in February 2009.