Las Vegas Real Estate Market Update – March
May 23, 2016 08:47 AM
Meanwhile, the inventory of Las Vegas home for sale dropped 9.9 percent from the previous year to 20,548. Even median home price declined 8.7 percent to $136,000.
Short sales increased 25 percent of Las Vegas home sales from 8 percent last year. Meanwhile, foreclosures dropped 50 percent from about 80 percent of sales. The Home Affordable Foreclosure Alternative (HAFA) program which offers homeowners an incentive for completing a short sale or deed-in-lieu of foreclosure could go a long way toward increasing short sales in Las Vegas, according to real estate industry experts.
The median home price was on the rise by 0.2 percent in March from the previous Month. If the number of short-sale continues to rise, the increase of the median home price will continue.
Sales of Las Vegas luxury condos and townhomes were 34.8 higher than 2009 levels, with 3.3 percent dropped in the median price.
For Single Family homes, overall real estate transactions last month significantly increased 3.4 percent from the previous year to $553.3 million. Even condo and townhome sales climbed 38.1 percent to $75.7 million.
Buyers are rushing to find their own luxury homes before tax credits expire at the end of April because most of them believe that Southern Nevada home prices will likely increase in the coming months. This creates a perfect storm which keeps Las Vegas realtors busy, and buyers and sellers happy.
There were definitely a great improvements in the Las Vegas real estate overall activity generated by the tax credit, both buying and selling.