Las Vegas February Home Sales Figures
May 23, 2016 08:35 AM
The activity in Las Vegas real estate industry suggests that the return of heavy investors is the reason why the nearly half those sales were cash-only transactions. Home sales in February purchased with cash increased to 48.7 percent, compared with 45.5 percent from the previous month and 40.4 percent last December.
With home prices staying fairly flat and sales still going up extensively from one year ago, the market this year will look very much like it did last year – 2010 will be the year of the price shift.
The inventory of Las Vegas homes for sale decreased 8.5 percent from a year ago to 20,262. The number of units available without an offer dropped to 7,974 except the pending and contingent sales contracts.
Southern, Nevada has about three-month supply of inventory and could benefit from an increased supply. Home buyers are looking for more selection. There are more homes pending sales than available.
Short sales increased to 22 percent, while bank-owned were accounted for 53 percent of sales. There were 10,357 sales in the past 90 days which include 5,972 bank-owned properties (57.7%) and 2,201 short sales (21.3%). Over two-thirds of short sale listings are under contract.
Condominium and townhome sales were 685, up to 55 percent from February 2009. There was 13.3 percent decrease to $65,000 with the median price.
Las Vegas home’s listing price dropped 16 percent in February – total of $91.6 million reductions. Million-dollar homes saw significantly larger discounts, including 18 percent off the original listing price in Las Vegas.
Although people think that Las Vegas luxury real estate is falling off the cliff, we cannot deny that this is still a great city to live in because it has no income tax. There are many motivated sellers out there who are eager to sell their home fast, which will give you the additional bargaining power!