Cash is king! Las Vegas Real Estate update 2012

By
Real Estate Agent with Simply Vegas
Las Vegas Real Estate is heating up and its only March. This time last year we had less than 3400 single-family homes sold according to the local MLS. This year we seen an 18% gain in sold single-family inventory compared to last year at this time.
 
Prices on Las Vegas Real Estate has single family homes has drop another 5.5% compared to this time last year which is right in line with our predictions form 2011. The median price of a Las Vegas home is now $121,000.
 
Condos and town homes also depreciated 5% compared to the same time last year. Cash is still king around these parts with over 50% of homes sold in southern Nevada this February, which is consistent with what we have seen over the last 2 years. Another interesting fact is that almost 30% of Single family residential real estate sold in Las Vegas was a short sale, this is also a trend we recognized last year and reported on.
 
If you would like more information about buying in the Las Vegas Real Estate market please feel free to contact me at 702-542-1883 or leave a comment below today’s post. Be sure to subscribe to this blog before you leave and don’t forget to share this post with your friends on facebook and twitter.
 

Comments (6)

Nicole Needham
Needham Realty - Winters, CA
SFR (530) 302-5478

Makea,

I think in some area's prices are about to jump. If inventory stays low prices are moving up !!

Mar 13, 2012 07:56 AM
Florida Tolbert Team Keller Williams Advantage
Keller Williams Advantage III Realty in Lake Nona - Orlando, FL
Keller Williams Land Luxury Division Specialist

I cannot wait to share with you folks a market report for one of our zipcodes today.

You are gonna die.  Enjoy.

Mar 13, 2012 08:10 AM
Makea Turner
Simply Vegas - Las Vegas, NV

Nicole, I agree. 2012 will be a very interesting year here in Las Vegas..

Mar 13, 2012 08:11 AM
Makea Turner
Simply Vegas - Las Vegas, NV

Kevin, I look forward to reading your market update later today :-) and Thank you for taking the time to read my post.

Mar 13, 2012 08:12 AM
David W. Hughes
Home Realtors 208-870-5133 - Nampa, ID
Designated Broker at Home Realtors of Idaho

Thats great news. Glad to hear its going good in other markets. Seeing similar things in my neck of the woods. Finally.

Mar 13, 2012 08:46 AM
Patrick White
Home Driven Realty, Inc - Baldwin, NY
Driven to bring New Yorkers home

Good Evening Makea

Thanks for the post and market update. Have a great day.

Mar 13, 2012 09:32 AM