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January home sales soar as prices continue slide
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LAS VEGAS REVIEW-JOURNAL
Updated: Apr. 10, 2012 | 10:55 a.m.
Realtors sold 2,608 single-family homes in Las Vegas during January, a 17.3 percent increase from the same month a year ago, the Greater Las Vegas Association of Realtors reported Tuesday.
The median price dropped 15.7 percent from a year ago to $134,925, though it's down only 0.8 percent from the previous month.
Inventory decreased 10 percent from a year ago to 19,742 listings. Taking out pending and contingent sales, or homes that are under contract, the number is reduced to 8,107 available units.
The beginning of the year is looking a lot like the end of 2009, with home prices in double-digit decline from year-ago figures and sales posting double-digit gains.
One of the more promising trends in January was the continued increase in short sales and a decrease in sales involving foreclosed homes, Realtors association president Rick Shelton said.
In January, 21.1 percent of all existing homes sold were short sales.
"This suggests that lenders are more willing to work with homeowners and work out short sales as an alternative to foreclosing on homes," Shelton said.
At the same time, bank-owned homes accounted for a decreasing percentage of home sales, dropping to 57.4 percent in January from 60.1 percent in December.
The number of local homes purchased with cash during January rose to 45.5 percent, the highest such percentage ever tracked by the association.
Rob Jenson of The Jenson Group said the average sales price found a new floor at $156,385 in January, sliding 2.3 percent from the previous month.
The Realtors association reported 658 sales of condos and townhomes in January, an increase of nearly 50 percent from a year earlier. The median price is $69,000, up 5.7 percent from December and down 13.8 percent from a year ago.
Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.
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Looks to me that if your going to short sale your house or get forclosed on you had better get legal advise,people who think that they are going to walk away from these obligations are terribly mistaken!Reale agents are not going to tell you what you need to know.Take my advise get legal counsel sooner than later.
Jason;
When people walk their credit is ruined for at least three - fours years, how is that a reward? they will rent for 3-4 years? and if the banks go after them (as you claim they can pay but chose not to) how is that a reward?? Won't they pay in the long run??
Guru loses and investment property he hasn't lost his primary property...sounds like you lost you so called "intelligent" rebut...must be a product of these wonderful "clark county school system" that so many of you rag on as well...
You people are obviously fast readers and glanced over my answers. I do not want a bailout on my house, my house is my home not an investment and I don't buy "homes" as an investment.
A real estate investor does not warrent a bailout. I would be in favor of bailout for qualified home owners in principle residences only...
how hard is that to get misconstrued ??and as far as Guru goes or any investor goes they shouldn't get any bailout period.....get it? got it? good...the rest of you yahoos who are upside down like me, ride it out or bail...
Guru;
you don't seem to get it, you made an investment there is no guaranty when you invest, there will never be a bailout for investors..
If you dont see the difference between a real estate investor and promoting home ownership as being a good thing for society and a community then you wil never get it. and you will continue to think selfishly.... there will never be a bailout of investors ever....you lost... stop crying.....I would support a bailout of qualified homeowners, not investors/speculators who threw fire on the flames...qualified homeowners...