Tuesday, December 13, 2005

Las Vegas sees home prices increasing:

Median prices of an pre-existing homes rose by $2000 in Novemeber in Las Vegas area according to the Greater Las Vegas Association of Realtors according to a recent report.

The inventory of homes for sale on the MLS went down by 3.5 percent and new listings went down by 14.7 percent. This upward trend in prices and decline in inventory shows that Las Vegas real estate market remains strong inspite of predictions to the contrary.

Though it is slowly turning into a buyers markets with increasing
inventory offering more choice to buyers. A total of 2,441 single-family homes and 601 condos were sold by real estate agents last month which is lower than October.

This does not mean the market is slowing, it only reflects the seasonal trend as November and December are not traditionally the time when people move to new homes.

posted by Las Vegas Home Report @ 10:51 PM