Despite a decade-long trend making winter the slowest homebuying season for the Las Vegas area, the region saw an increase in existing home sales for the month of December, finishing the year strong enough to break the metro’s yearly existing home sale record from 2009, according to the Greater Las Vegas Association of Realtors.
The 2009 record was set with the sale of 46,879 homes, and 2011 surpassed this milestone with 48,186 sales.
Sales of single-family homes rose 10.9 percent year-over-year in December, while condo and townhome sales decreased by almost as much – 10.8 percent.
REOs made up 46 percent of existing home sales for the month, unchanged from November. Short sales accounted for nearly 27 percent of December’s transactions.
December’s rise in sales came with a decline in home prices, which was characteristic of 2011, according to the Greater Las Vegas Association of Realtors.
The median single-family home price in the Las Vegas area over the month of December fell 4 percent from November and 9.1 percent from one year ago.
The median sale price for the month was $120,000.
However, the Greater Las Vegas Association of Realtors anticipates rising prices this year.
“We may see some improvement in prices this year as our inventory of homes on the market keeps going down and demand stays high,” said Kolleen Kelley new president of the Greater Las Vegas Association of Realtors as of the start of 2012.
“We’re also seeing more short sales, which are preferable to foreclosures and sell for higher prices than homes that have gone through a foreclosure.” Kelley said.
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