As Property Inventory Dips in Vegas, Prices Rise

According to the Greater Las Vegas Association of Realtors (GLhttp://www.lvrj.com/business/home-sales-prices-rise-inventory-dips-141878223.htmlAR), February was a sweeter month in the area than Vegas has seen in a while. In fact, sales of single-family homes in Las Vegas increased in the area – right along with median price. There were 4.2 percent more homes sold in February 2012 than January 2012 and 17.8 percent more sold year-over-year. The median price went up 2.5 percent over January 2012 to $121,000. This is down 5.5 percent from a year ago, but still heading upward and most analysts view the information as a positive sign for the market. “If banks get back to full-bore on releasing inventory, we might see prices go down again,” warned GLVAR president Kolleen Kelly. However, she added that this would be part of a “logical chain of events” leading to a recovery, while a colleague boasted that “condos under $80,000 are going like hot cakes.” Other optimists are predicting prices could go up by as much as 10 percent in the next few months while lenders sort out new regulations under last month’s big bank settlement.

GLVAR’s multiple listing service is also showing positive signs for the future. At the end of February 2012, the listings sported 1.5 percent fewer homes than it did at the end of January. This means that the inventory is decreasing, at least for now. Furthermore, fewer homes had no pending or contingent offers compared to both the previous month and the previous year. 18.2 percent fewer homes were in this situation at the end of February than a year earlier.

Do you think that Vegas is actually in recovery?

*God Speed*
TLD Investments LLC
http://www.tldinvestmentproperties.com

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