Existing home prices here in Las Vegas have reached their lowest level in 21 years! Statistics show that due to the low prices, our city also found an increase in sales which we haven't seen in six years.
"The median price paid for existing single-family homes, condos and town homes fell 10 percent year-over-year in March to $108,000, and for the year is now $109,000," according to a report released by Las Vegas-based SalesTraq.
Buyers took advantage of those low prices in March when 5,114 housing units were sold, the average price per square foot of homes sold in March was $70.57, an 11 percent drop from March 2010.
Cash Investors still lead the pack as they accounted for more than half of sales. 7 out of 10 existing home sales were distressed properties accounting for about 42% of foreclosure sales, 10% were sold at a auction and 18% were short sales. Please note that these statistics account for properties that have actually sold. As of today's date we have over 14,000 properties currently listed, and just under 13,000 properties with accepted offers. A big percentage of these being short sale properties awaiting approval from the bank.
Housing statistics don't show a definitive recovery as of yet, but we're are seeing an increase in sales as seen in the above statistics. I'm also seeing that more people are willing to choose short sales as their option because the converstation is much easier to have amongst each other, the process is getting easier and better. Banks are more willing to accept short sales than they were last year, it's a win win.
In the existing home market, the median price of short sales captured the highest price at $120,000. That was followed by traditional sales at $108,500, foreclosure sales at $106,500 and auctions at $93,500.
Interested in purchasing a home in Las Vegas? Would you like more information about the Las Vegas market? Send me an email and let's get started!
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