Real estate developer restarts construction in building new Las Vegas homes for sale. Several Las Vegas neighborhoods will give buyers the ability to once again pick their options including countertops and kitchen cabinets.
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.
Foreclosures in Las Vegas have affected home sale prices dramatically. Sale prices have fallen to levels only seen eight years ago due to two thirds of homes due to foreclosures.
Nearly the past 12 months rising home sales due to a multiple listing service median existing home price of $134,900 in March. The median price same month in 2008 has fallen 41.3 percent.
Record closings of totaled 3,626 homes or an increase of 85.6 percent. The median price of bank owned home closings during March was even lower at $127,000.
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.
Residential real estate in Las Vegas, NV prices median home prices decline that haven’t been seen for six years. Prices were looking good for the end of Dec. 2008, but prices and sales took a dive.
Median Las Vegas home prices fell to a record low in 2003. The January price was a 8.6 percent decrease from Dec. and year to date huge 36 percent decrease.
The Greater Las Vegas Association of REALTORs or, GLVAR, show a 126.2 percent gain of year to date totals, but fell 11 percent from a month earlier. Home sales levels topped 2,000 at May and finished the year at the same level.
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.