Las vegas home sales up 18pc in february as inventory declines

According to the Greater Las Vegas Association of Realtors (GLVAR), the number of existing homes being sold in Southern Nevada continues to go up, while the number of homes available for sale continues to go down.

"So far this year, local home sales remain strong and above the record sales pace we set in 2011," said GLVAR President Kolleen Kelley, a longtime local Realtors. "At the same time, we're seeing fewer homes available for sale each month, especially bank-owned homes. With the supply of homes going down, it makes sense that the median price of homes went up last month."

Kelley said the inventory of available homes had been declining through much of 2011. That trend seems to have accelerated since Oct. 1, 2011, when a new state law known as AB284 took effect, requiring lenders to prove they have all the necessary documents in place before proceeding with a foreclosure. Since Oct. 1, she said this law has curtailed the number of bank-owned homes being put on the market in Southern Nevada.

Still, Kelley said existing home sales are even stronger so far in 2012 than they were in 2011, which set a record for existing home sales in a single year with 48,186 sales, including 38,153 single-family homes and 10,033 condominiums and townhomes.

Source: WorldPropertyChannel.com