Las Vegas Real Estate Market Update: Existing Home Sales Climb in April
May 23, 2016 08:56 AM
During the month, the sales of existing-home were up 2 percent a year ago to 3,724. Re-sales rose 15.3 percent to 13,846 closings for the first quarter of 2010.
Dennis Smith, Home Builders Research President, said that prices have remained the same in the past year. The median resale price dropped to $128,000 in April, down $2,000, or 1.6 percent, from the previous year.
With 61 high-rise closings at City Center, the new-home sales were up to 471 closings last month and higher than the 343 a year ago. New-home sales are up 1 percent at 1,510 for the year.
While median new-home price dropped 5.9 percent to $203,085, this year’s is higher than $12,565 last year.
Meanwhile, Las Vegas-based SalesTraq housing research firm reported 480 new-home sales in April, which is 44.1 percent increase over the past twelve months. The median price dropped 5.4 percent to $204,313.
Existing-home closings increased 3.6 percent to 4,323, while the median price crept up 0.9 percent to $126,000, which is the highest level in more than a year.
On the other side of the coin, the 2,146 repossessed homes or foreclosures in April was up 91 percent from a year ago. That followed declines of 57 percent, 58 percent and 25 percent for the first three months of 2010.
According to SalesTraq‘s report, there were 969 short sales or sales for less than the principal mortgage balance, at a median price of $122,000; 335 auction sales at a median of $93,000; 1,636 bank-owned, sales at $125,000; and 1,383 regular transactions at $135,000.
Steve Bottfeld, real estate consultant of Marketing Solutions said that even though the increases may amount to small numbers, the upward trend continues. He also said that April figures shows that Las Vegas luxury real estate will probably recover more quickly than people think.