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.