(PRWEB) July 23, 2012
A recent Homes.org real estate report details the latest activity and trends in the Las Vegas real estate market. The report includes information on the most recent June 2012 home sales and comparisons to June 2011 sales figures in Las Vegas. The analysis of this data gives buyers and sellers a better understanding of the overall health and trends happening in the Las Vegas real estate market.
Below are some of the key findings for the Las Vegas area:
- Total closed home sales in June 2012 were 3,945, down from 4,134 sales in May of 2012 and from 4,540 in June 2011.
- The median sales price for single-family homes was up 3% compared to May of this year and up 5.9% from June 2011.
- The month of June ended with 16,930 single-family Homes for Sale, down a staggering 25.4% from June 2011. Condos and townhomes were down 29.2% compared to last year.
Last week Homes.org reported that in June home sale stats showed overall home prices were up in the U.S., though the number of sales was down – and Las Vegas is no exception. Since February prices have been steadily increasing while the number of new homes on the market has been dropping. Like other areas of the country, low inventory levels are a big factor in both the decline in sales and rise in prices.
Fewer distressed homes going up for sale is the key reason for the tightening in inventory. In fact, bank-owned homes dropped from 32.6% of sales in May to 27.8% of al sales in June. As long as this trend holds the Las Vegas area should see sustained price improvement.
Las Vegas Real Estate Market Latest Information and Statistics
Zip Codes in the City: 89101-89104, 89106-89135, 89137, 89138, 89139, 89141-89156, 89158, 89159, 89160, 89164, 89170, 89173, 89177, 89180, 89185, 89193, 89195, 89199
Population (Metro): 1,951,269
Total Households (2006-2010): 979,621
Median Value Owner Occupied Housing (2006-2010): $254,200
June 2012 Total Home Sales in the Las Vegas area: 3,945
June 2012 Single-Family Median Sale Price in the Las Vegas area: $131,785
June 2012 Condo/Townhome Median Sale Price in the Las Vegas area: $69,000
Renters vs. Owners (2006-2010): 39.9% vs. 60.1%
Type of Home:
72% Single Family
To learn more about the Nevada real estate or search for licensed real estate agents in Las Vegas, NV, please visit: Homes.org
Homes.org is a fast growing real estate search portal that offers users much more than MLS listings. Homes.org gives users access to a rich collection of resources, including but not limited to, real estate listings, home owner finance tools and home service tools. Homes.org brings buyers, sellers and renters important information about the current markets and intelligent tools by partnering with real estate professionals from around the country. Homes.org is a subsidiary of Star Nine Ventures, Inc. headquartered in Austin, TX.
About Star Nine Ventures®
Star Nine Ventures® is an Austin-based, marketing-driven venture creation company targeting a wide range of national business-to-consumer online marketplaces. Star Nine's core mission is to build businesses that provide exemplary consumer experiences and unparalleled customer service.