In November the number of homes sold in Las Vegas rose for the fifth consecutive month. This was mainly due to an increase in the number of homes sold costing less than $200,000, while the number of homes sold costing more than this figure declined.
Prices remained largely unchanged for the third consecutive month with the median sale price being $115,000. The month saw 4,460 new and previously owned homes change hands and although this figure was 3.1% less than October it was 11.2% higher than November 2010. This dip in sales is perfectly normal and is lower than the historical average of 3.9%.
The number of resale homes sold in November increased by 11.3% year-on-year, making it the 11th consecutive month to see an annual gain. The month was also notable for having the highest number of resales since 2009, but although sales of new homes also increased by 9.8% year-on-year, the levels were the second lowest on record for the month. Even so sales of new property have increased year-on-year during the past five consecutive months.
Property in the lower price bracket is still selling most strongly with the number of transactions for property costing less than $100,000 increasing by 32.8% compared to November 2010. Property in this price range accounted for 41.6% of all transactions compared with 34.9% of transactions in November 2010.
The number of sales for property costing less than $200,000 increased by 16.5% in November year-on-year while sales of property costing more than $200,000 dropped by 8.8% compared to November 2010. Sales of property costing less than $200,000 were so good in 2011 that the year looks set to have the highest number of home sales for five years.