Categorized | Residential

Las Vegas Home Sales Set Record in 2011

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Although housing values continued to decline in Las Vegas in 2011, the total number of homes sold during the year set a record for the most ever sold. Over forty-eight thousand residential real estate properties were sold in 2011, shattering the previous record established in 2009.

Strong sales are expected to continue into 2012, as record low prices continue to make the market an attractive investment. Prices are also expected to rise in the next year, though the number of short sales hitting the market may limit the total price increase.

Home sales in Las Vegas even increased during the months of November and December, two months in which real estate sales commonly decline due to the winter season and holidays. There was a nearly eleven percent increase in home sales in December of 2011.

The number of homes listed for sale in Las Vegas has declined as well. If inventory continues to decline into 2012, home prices will likely increase due to basic supply and demand principles. Inventory dropped nearly eight percent from November to December. The number of condos and townhomes available for sale is nearly twenty-seven percent lower than it was last year.

For prices to see a truly significant increase, however, the number of short sales and foreclosures would have to be reduced. More than a quarter of home sales during the month of December were short sales. Another forty-six percent of sales in Las Vegas during the month of December were bank-owned homes. With those two areas of inventory accounting for the majority of home sales, it is understandable as to why the average sale price is still down.

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About Ella Jourgeson

Ella was recently an intern who checked all the articles for grammatical and spelling errors. She is now an all purpose writer filling in wherever we need help.

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