Las Vegas Breaks All-time Home Sales Record in 2011

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According to the Greater Las Vegas Association of Realtors (GLVAR), more existing local homes were sold in 2011 than during any other year on record.

GLVAR reported that 48,186 local properties were sold in 2011, including 38,153 single-family homes and 10,033 condominiums and townhomes. That breaks GLVAR's all-time sales record set in 2009, when it reported 46,879 total sales. In 2010, GLVAR reported 43,877 total sales.

Local Realtor Kolleen Kelley, who succeeded Paul Bell as GLVAR president starting Jan. 1, said she sees this record sales pace continuing in 2012, when the basic economics of supply and demand suggest at least some modest improvement in the local housing market.

"We may see some improvement in prices this year as our inventory of homes on the market keeps going down and demand stays high," Kelley said. "We're also seeing more short sales, which are preferable to foreclosures and sell for higher prices than homes that have gone through a foreclosure."

As with most of 2011, GLVAR statistics for December show a monthly increase in single-family home sales, but a dip in home prices. Kelley said the sales increase between November and December bucks trends from the past decade, when local home sales generally declined through the holiday and winter months that make up the slowest season for Southern Nevada home sales.

According to GLVAR, the total number of local homes, condominiums and townhomes sold in December was 4,250, up from 3,883 in November and up from 4,007 total sales one year ago.

Within that total, single-family home sales during December increased by 10.9 percent, while sales of condos and townhomes decreased by 10.8 percent, all when compared to December of 2010.

As for home prices, GLVAR reported the median price of single-family homes sold in December was $120,000, down 4.0 percent from $125,000 in November. That's down 9.1 percent from $132,000 one year ago.

Meanwhile, the median price of local condominiums and townhomes sold in December was $58,550. That's up 0.9 percent from $58,000 the previous month, but down 5.6 percent from $62,000 the previous year.

The total number of homes listed for sale on GLVAR's Multiple Listing Service decreased from November to December, with a total of 19,230 single-family homes listed for sale at the end of the month. That's down 7.6 percent from 20,818 single-family homes listed for sale at the end of November and down 11.2 percent from one year ago. GLVAR reported a total of 4,061 condos and townhomes listed for sale on its MLS at the end of December. That's down 7.7 percent from 4,399 condos and townhomes listed in November and down 26.8 percent from one year ago.

As in past months, the number of available homes listed for sale without any sort of pending or contingent offer also declined in December from the previous month and year. By the end of December, GLVAR reported 8,831 single-family homes listed without any sort of offer. That's down 9.7 percent from 9,780 such homes listed in November and down 28.9 percent from one year ago. For condos and townhomes, the 1,832 properties listed without offers in December represented a 12.9 percent decline from 2,103 such properties listed without offers in November and a decrease of 32.9 percent from one year ago.

In December, GLVAR reported that 50.8 percent of all existing homes sold in Southern Nevada were purchased with cash. That's up from 48.2 percent in November.

Meanwhile, 26.6 percent of all existing local homes sold during December were short sales, which occur when a lender agrees to sell a home for less than what the borrower owes on the mortgage. That's down slightly from 26.8 percent in November, and down from a peak of 34 percent set in June 2010.

Bank-owned homes accounted for 46.0 percent of all existing home sales in December, matching the percentage in November.

GLVAR reported that the median price of bank-owned single-family homes sold in December was $104,900, down from $107,640 in November. The median price of single-family homes sold as part of a short sale in November was $125,000, down from $129,900 in November.

This month's GLVAR statistics include activity through the end of 2011. GLVAR distributes such statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners.

Other GLVAR highlights include:

• The monthly value of local real estate transactions tracked through the MLS during December increased by 6.6 percent to nearly $510 million. For condos and townhomes, the total value of all sales in December was nearly $64 million, up 19.9 percent from November. Compared to one year ago, total sales volumes in December were down 0.2 percent for homes, and down 12.1 percent for condos and townhomes.

• Through December, 58.3 percent of all homes and 63.7 percent of all condos and townhomes sold within 60 days. That compares to November, when 58.7 percent of all homes and 65.9 percent of all condos and townhomes sold within 60 days.