Record Las Vegas Homes Sales
Residential real estate sales hits all time record in June.
Record sales of single single-family Las Vegas homes, condominiums, and town homes were announced in June in Las Vegas. The record set back in June of 2004 was at 4,414, but now in 2009, the Greater Las Vegas Association of Realtors reported a new all time record of 4,702.
We hear how potential buyers are afraid to buy homes and just how many homes are sitting on the market, but then we see a report of record-breaking sales in Las Vegas, what is the real truth.
Realtors in the Las Vegas area sold 3,785 single-family homes during June, which is up 16.3% from May and a whopping 70% over June of 2008. Condos and town homes have tripled from sales last year at this time to 917 in June.
A decrease is now seen in the single family homes of 11.9%, bringing homes on the market to 20,613 and condos on the market is at 5,416 decreasing 2.2%.
Sue Naumann president of the Realtors association stated, “I think it’s significant that we sold a record number of homes last month… We’ve been closing in on this mark for a few months now.”
Single family homes in Las Vegas are at a median price of $140,000 which is the same as May. Condo prices are edging up a bit to $66,000.
Inventory in Las Vegas is a bit down and prices are going up or stabilizing which is good sign for the housing market across the US. Las Vegas was one of the first to feel the bubble burst and will be one of the first to see a change for the better.
Broker David Brownell of Keller Williams Realty stated that closings are up from last year as well as pending sales.
Broker and Team Leader for RE/MAX Associates Konnel Peterson said, “Figures on closed real estate transactions for June 2009 signal that the market did reach bottom this spring and that Las Vegas real estate may well be on our way to recovery.”
Las Vegas is beginning to see buyers both investors and families, however, everyone is still a bit concerned about the future when it comes to job security. However, with housing prices going down and those wishing to buy a new home for an affordable price, this is a great time to buy. Many of the homes on the market today are foreclosures, which allows you to buy at a considerable lower price than the home is actually worth.
If you want to know how soon the housing market will rebound across the nation, keep a sharp eye on Las Vegas. As Las Vegas heals so, will other states.
6 Comments to Record Las Vegas Homes Sales
Comments
Wow, the national news certainly does not pick up on these types of stories. I was under the impression that home and condo sales were probably at all time lows!
Nashville Condos,
I’m a bit confused about the lack of National coverage as well. There is so little “Good News” about the economy that it would seem as though the press would be tripping over each other to get out here and report on it.
You would think that all time record home sales at this point in time, in any part of the Nation given the state of the economy would be news worthy.
Maybe that is why Blogs have really started catching on in recent years.
Great article on home sales in Las Vegas. This is one of a couple of areas across the country that I keep an eye on as an economic indicator.
Hopefully we see this turn into a trend and a sign of a true recovery.
We buy a lot of properties in California right now and we are starting to hold some as rentals. We have talked about expanding to Las Vegas as the prices seem to be a bargain, but the rental market seems weak.
Do you think now is a time to buy and hold in Las Vegas? Or have we missed the boat…
This is good news. It seems like we’re seeing renewed strength in all of the major real estate markets. We’ve definitely found support at the entry-level in San Diego, and home prices are headed up. The wildcards are interest rates and bank foreclosures. They are auctioning treasuries like there is no tomorrow, and that’s putting upward pressure on mortgage rates. And we’re still seeing big numbers of new San Diego foreclosures. But neither factor has put a damper on demand for San Diego homes so far. Let’s hope the trend continues.
Nice Post regarding home sales in lasvegas!!!
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Record Las Vegas Homes Sales…
Residential real estate sales hits all time record in June.
Record sales of single single-family Las Vegas homes, condominiums, and town homes were announced in June in Las Vegas. The record set back in June of 2004 was at 4,414, but now in 2009, the …