Las Vegas Home Prices up 24% from 2012

Posted by Concierge on Sunday, March 17th, 2013 at 1:30pm.

The Las Vegas Valley median price of single-family homes sold in the region in February was $150,000, unchanged from January but up 24 percent from $121,000 in February 2012, according to a report out today from the Greater Las Vegas Association of Realtors.

A total of 3,232 previously owned homes were sold in the valley last month. That's up from 2,821 in January but below February 2012's total of 3,794.
Short sales, in which lenders agree to sell a home for less than what's owed on the mortgage, accounted for 38 percent of all deals last month. Sales of bank-owned homes comprised 10 percent of February's total.

Meanwhile, inventory keeps shrinking. The number of homes up for sale on the GLVAR's listing service at the end of February was 14,120, down 25 percent from a year earlier.

Las Vegas the entertainment capitol of the world now offers High-Rise Condominiums over 70% off from their initial offering. With over 43 million visitors a year to Las Vegas demand is high. This demand for strip properties is helping 2103 off to a great start.
High Rise Condominiums

With the Las Vegas strip set to reach new heights with the world's largest observation wheel - THE HIGH ROLLER being built across from Caesar's Palace, targeted for completion at the end of this year plus The New Resorts World Las Vegas Casino schedule to begin in 2014 buyers are plentiful.
It's a game changer Las Vegas Strip is poised to reinvent itself again. Investors, baby boomer's, second home buyers, foreign nationals & people from all our states are coming and buying in Las Vegas.
See all Las Vegas strip condo buildings:

Below is a quick reference of Condos prices over the last 3 years taken from the Greater Las Vegas Association of Realtors statistics GLVAR

Condo Tower Average Listing Price for Sale 2012 Average Sold Price 2011 Average Sold Price
Allure Towers $301,845 $231,696 $166,757
MGM Grand Signature $229,000 $193,000 $184,018
Manhattan Mid Rise $169,786 $136,700 $118,010
Newport Lofts $226,925 $224,871 $169,786
Queensridge $1,643,000 $1,249,182 $1,077,850
Panorama Towers $339,900 $273,376 $217,001
Park Ave Mid Rise $149,500 $97,552 $95,257
Palms Place Hotel $210,010 $185,773 $184,412
SKY Las Vegas Only 8 for sale today $232.829 $210,000
Turnberry Towers $495,767 $348,156 $225,022

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