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Las Vegas Real Estate Market Update January 2010
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Las Vegas Real Estate Market Update January 2010

May 23, 2016 08:29 AM

There is a higher demand on condos and other sub-$200,000 homes which made Las Vegas luxury real estate market update January 2010 the highest 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.

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 Best Real Estate Markets.

 


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