Las Vegas and Reno’s Real Estate Rebounds in 2012
February 2, 2014 07:41 PM
Known for their entertainment attractions, Las Vegas and Reno has experienced several positive indicators in their housing industry. Among them are:
Homes are listed for higher values in 2012, 12.4 percent higher in Las Vegas and 11.7 in percent higher Reno than in 2011. Although median selling price is still below that of pre-bust levels, home sellers in both cities are optimistic in getting buyers much more so than in other metros.
October saw an 11.9 percent increase in Las Vegas single-family home sales compared to the previous month. Condo and townhouse sales were also up by 5.7 percent. In Reno, closed sales prices have gone up 23 percent from the same time last year.
The inventory in both housing markets continues to shrink year-over-year, with a 24.4 percent decrease in Las Vegas homes that are listed but unsold, while in Reno it’s 29.9 percent. In contrast, the rest of the country only saw a 17 percent decline.
Nevada has implemented tougher foreclosure rules that make it harder for lenders to complete. This has probably been a major factor in both cities seeing drastic decreases in foreclosure rates compared to last year. Last year, Las Vegas had the worst rates among the 25 hardest hit cities, with 1 out of 39 homes in foreclosure. Today it’s 25th on that list, with only 1 out of 139 undergoing foreclosure.
This year is also the first time that unemployment in Nevada has dipped below 12 percent, the last time being back in 2009. Las Vegas currently has 11.9 percent unemployment while Reno has 11.2.
These numbers illustrate a clear fact that Las Vegas and Reno are steadily regaining lost footing caused by the housing bust. Moreover, both cities are experiencing a huge growth in their housing markets compared to the rest of the country.
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