The total Las Vegas real estate sales in January were the highest from that month since January 2007. There were 4,282 sold homes but it was 6.7 % lower than the average January sales tally back to 1994. Although the last month marked the 17th in a row in which total sales raised on a year-over-year basis, still its 7.7 % annual increase was the smallest during that 17-month stretch.

In all January transactions, the sales of homes priced below $200,000 made up 78.7 %. It was higher if you will compare it with 77.1 % in December and 65.75 in January 2009.

The resales of Las Vegas houses and condos have risen on a year-over-year basis for 21 straight months. In January, there were 3,092 total number of houses and condos that resold (excludes new home). It was down 34.5 % from December but 7.4 % higher from a year earlier to the highest point since 3,405 resales in January 2006.

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The new-home sales were the slowest since at least 1994. The sales of newly constructed homes, including condos and condos conversions fell down to 275 last month. It was down 53.7 % from December but up 10.4 % from a year earlier.  However, the decline in new home resales in January helped push the overall median sale price down from December.

The year-over-year decline in the median price paid for all new and resale houses and condos sold in the Las Vegas metro was the smallest since May 2008. The median price in January was $125,750, down 2.5 percent from $129,000 in December and down 20.9 % from $159,000 a year earlier. The median dropped 17.3 % from a year earlier to $239,900. The overall sale price has fallen on a year-over-year basis for 33 consecutive months. January stood 59.7% below the peak of $312,000 median price in November 2006.

The median price paid for single-family detached houses resales held at $135 in January 2010 and October 2009, but down 18.2 % from $165,000 a year earlier. It was 56.8 % lower than the peak of $ 312,250 median in June 2006.

The January median price for resale Las Vegas condos was $69,000, down from $73,000 in December and down 14.6 % from $80,750 a year before. For the past nine months, the resale condo median has been hovering a bit below or above $70,000. It was 66.0 % lower than its $203,000 peak in July 2006.

The median paid per square foot for resale single-family detached houses, as an alternative price gauge stayed parked at $76 in January 2010 and October 2009. But it was down 15.6 % from $90 last year. The January's figure was 60 % below the June 2006 peak of $190 per square foot.

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While searching for the perfect Las Vegas luxury home, one will surely encounter both the old and new. Making an educated decision is vital, as this new house will be the potential place where families will be raised and milestones achieved. Knowing the advantages and disadvantages of buying either an old or new Las Vegas luxury home can only benefit the buyer.

Newly-built luxury homes will generally boast of modern structural designs and technological conveniences. Electrical systems, heating mechanisms and fireplaces are designed with energy efficiency and general safety in mind. Newer homes also come with a builder's warranty, and may often be found in newly-developed location which makes the value appreciation greater. There is also less wear and tear, which makes it a good investment property.

On the other hand, newer Las Vegas luxury residences are usually constructed by low bid subcontractors, making it possible for faulty conditions to arise as time goes on. Although these houses come with builders' warranties, it is possible that there will be a slight discussion and investigation before the repairs will be done, in case that a problem arises.

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When considering to buy older luxury homes in the Las Vegas area, it is an obvious advantage that these houses have vintage designs, landscaping and stability. On the contrary, there is also greater wear and tear and the designs might be too old-fashioned for some.

These older homes also have lower energy efficiency features and in our current economic climate, it is definitely a disadvantage. The heating equipment is not as safe as the more recent designs. The interiors, especially the walls, ceilings and windows may also be substandard and harder to maintain.

Choosing your new Las Vegas luxury home depends on your needs and personal preferences. However, this is an investment that will benefit from making an informed decision before you part with that hard-earned money. Be it old or new, as long as it fits with how you live your life everyday, then you know that you have the right decision.

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Shapiro & Sher Group

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There is a higher demand on condos and other sub-$200,000 homes which made Las Vegas real estate sales the highest for January 2010 since 2007.The real estate information service reported that the overall median sale price declined from December. However, one home-type category - resale single-family detached houses - showed continued signs of price stability.

MDA DataQuick of San Diego reported that foreclosure resales - homes that had been foreclosed on in the prior 12 months fell to 62.0% of all resales in January, down from 63.3 % in December and 72.5% a year ago. This is tracked nationally via public records. Last April 2009, the foreclosure resales peaked at 73.7% of the region's resales. Last month, there are a total of 3,367 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County), down 36.7 percent from December but up 7.7 percent from a year earlier.

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A drop in sales between December and January is normal for the season, with the decline averaging 24.4 percent since 1994, when DataQuick's complete Las Vegas region stats begin. The steepest on the record is the last month's 36.7 % decline from December, though other years have seen declines greater than 30 %.

 January 2010 foreclosure activity was lower than in December and a year ago. According to the public records, there were 1,667 single-family house and condo units foreclosed in Clark County last month. It was lower than 21.1% from December and 39.2% from January 2009. The total of foreclosures a month ago was 55.2% lower than the monthly peak of 3,718 in February 2009.

There is good development in Las Vegas real estate this year. This can be the best time for you to invest in your own Las Vegas Luxury Real Estate.

Need more information on a Las Vegas Luxury Home for Sale?

Shapiro & Sher Group

Prudential Americana

(702) 315-0223

sold@lasvegasfinehomes.com