2012 third-best sales year ever for homes in Las Vegas
Las Vegas, NV (KTNV) -- The Greater Las Vegas Association of Realtors is reporting that local home prices increased again in December finishing with prices 24 percent higher than they were at the beginning of the year.
GLVAR's statistics show a dramatic transition from foreclosures to short sales last year. Short sales set a new record in December, accounting for 45.8 percent of all sales.
Foreclosures, which made up more than half of all sales a few years ago, accounted for less than 10 percent.
According to GLVAR President Dave Tina, 2012 was the third best sales year ever.
The total number of local homes, condominiums and townhomes sold in December was 3,624, up from 3,293 in November.
However, that is down from 4,250 in December 2011.
The median price of single-family homes sold in December was $149,000, up from $146,000 in November -- the biggest appreciation since at least 2004.
There were 14,601 single-family homes for sale at the end of December. That is down 6.6 percent from November and 24.1 from one year ago.
There were also 3,477 condos and townhomes listed at the end of the same month.
GLVAR also reported today that 55.2 percent of all existing homes sold in Southern Nevada in December were purchased with cash.