Sellers' Market Persists in Las Vegas

The sellers’ market that prevails in Las Vegas real estate at the moment
shows no signs of slowing down.  The median home price in Las Vegas
continues to rise and, although foreclosures have crept back up from
their low point last year, the oft rumored glut of foreclosures, known
as shadow inventory, has yet to make an appearance.  Las Vegas home
buyers even persevered through the holidays and cold temperatures
trouncing last year’s marks for home sales during the usually quiet
holiday period.

The median price of a resale home in Las Vegas for November, 2012 was
$133,000.  This betters the mark for November of last year ($114,000) by
almost 17%.  New home sales also fared well.  The median price of a new
home in Las Vegas was $219,285 in November, 2012, up 7.4% from a year
earlier ($204,064.)  Las Vegas also plowed right through the dormant
period that normally cuts home sales in the months of November and
December by approximately 50%.  Instead, Las Vegas home sales were up
39% from the holiday period last year with an average of 600 homes being
sold each month.

All-in-all, the Las Vegas real estate market is continuing to enjoy steady growth
as the pressures of demand exceed the supply.  Zillow recently ranked
Las Vegas as the #4 Sellers’ Market in the country.  This represents a
large departure from the title of “Foreclosure Capital of the Nation”,
which Las Vegas held for four consecutive years.