Las Vegas Real Estate Sales Increase

DataQuick reports that Las Vegas home sales increased for the sixth consecutive month in December, with both resale home and new homes seeing improvement. The majority of transactions …

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DataQuick reports that Las Vegas home sales increased for the sixth consecutive month in December, with both resale home and new homes seeing improvement. The majority of transactions occurred for homes priced less than $200,000, with 42% of all deals inked in the month falling under $100,000. Distressed property sales that included short sales and foreclosure resales accounted for two-thirds of all sales in the resale market, while new home sales were the second lowest on record for a December despite six months of increases. Meanwhile, sales of homes above $200,000 continued to drop compared to last year’s sales. For more on this continue reading the following article from TheStreet.

Las Vegas-area home sales rose year-over-year for the sixth consecutive month in December as increased activity below $200,000 continued to compensate for a decline in sales in higher price ranges. Home prices remained flat, with the overall median sale price parked at $115,000 for the fourth month in a row, a real estate information service reported.

In December, 4,823 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County). That was up 8.1% from November and up 3% from December 2010, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

In December, the number of homes that resold rose 1.7% on a year-over-year basis, marking the 12th consecutive month in which resales have posted an annual gain. It was the highest number of resales for a December since 2009, and the second-highest since 2005. December sales of newly-built homes also rose from a year earlier, by 15.6%, but were still the second-lowest on record for a December. New-home sales have risen year-over-year for six consecutive months.

Total sales in December were 9.1% lower than the average number of homes sold in that month since 1994, while resale activity (excludes new homes) was 33.1% above average for a December.

Continuing a months-long trend, December sales were strongest in the lower price ranges. The number of transactions below $100,000 climbed 17.8% from a year earlier and made up 42.0% of all deals, compared with 36.6% of all sales in December 2010. The number of December sales below $200,000 rose 4.9% year-over-year, while the number above $200,000 fell 5.1% from a year earlier. Above $300,000 sales fell 14.1% from December 2010.

The median price paid for all new and resale houses and condos sold in the Las Vegas metro area in December was $115,000, the same as in November and virtually the same as each month since September last year. The December median was 7.3% lower than the $124,000 median in December 2010, and marked the 15th consecutive month in which the median has fallen year-over-year.

December’s new-home sales represented 11.1% of all transactions, compared with a monthly average of 28.3% of all sales over the last decade. December’s condo sales represented 18.1% of total Las Vegas sales, compared with a 10-year monthly average of 13.8%.

Distressed property sales — the combination of foreclosure resales and "short sales" — again made up around two-thirds of the Las Vegas resale market.

Foreclosure resales — homes that had been foreclosed on in the prior 12 months — accounted for 52.4% of the Las Vegas resale market in December — the same as in November and down from 56.3% a year earlier. Foreclosure resales peaked at 73.7% of the resale market in April 2009. The December and November level was the lowest since September 2010, when foreclosure resales made up 50.8% of the resale market.

Short sales — transactions where the sale price fell short of what was owed on the property — made up an estimated 13.8% of the resale market in December. That compares with an estimated 14.8% in November, 19.5% a year ago, and 12.8% two years ago.

This article was republished with permission from TheStreet.

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