Las Vegas Home Sales Up 64% in 2009 – 2nd Highest Year Ever
ByAre we starting to see signs of recovery in the local Las Vegas housing market?
The Greater Las Vegas Association of Realtors (GLVAR) released its local housing statistics for December 2009 with some interesting findings for the year. To read the full report, download this PDF file: GLVAR_December2009_Housing Report (released 1-8-10)
According to GLVAR, sales of existing homes in Las Vegas were up 64% in 2009. GLVAR reported 46,879 local housing sales in 2009. That represents a huge spike from 28,618 total sales in 2008 and trails only the 71,963 homes sold during the record year of 2004. The increasing sales continue to be driven by low prices. GLVAR reports that the average single family home sold in the area in December 2008 was $204,000 in December 2008. By December of 2009, that number had fallen to $165,000.
December, 2009 saw a 9% increase in sales compared to November. 4,196 housing units sold in December alone compared to 3,843 sales in November.
One statistic that particularly stands out the in the report is that 67 percent of all current pending sales in Las Vegas are short sales – 8,935 out of 13,406.
Other recent press on the Las Vegas Real Estate Market:
Las Vegas Real Estate Posts 2009 Positives Despite Recession (1-11-10/ DSNews.com)
Las Vegas Home Sales Improve in 2009 (1-8-10 /LasVegasNow.com)
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What a great summary of where the las vegas real estate market is headed. I believe the banks have finally realized it is in their best economic interest to accept a short sale rather than foreclosing. In addition, the short sale process, and more specifically, the time frame of such process, has greatly decreased. I had a short sale close within 14 days of receiving the offer (granted we had processed all the necessary paperwork prior to the offer). The more typical time frame I have found is 60 days.