Las Vegas: Home Sales Spike As Prices Continue to Fall

Las Vegas CondosBased on a new report by the Greater Las Vegas Association of Realtors (GLVAR), local home sales soared and prices slipped in March compared to the previous month and year. “Local homes were already selling at a strong pace, but sales increased significantly in March,” said GLVAR President Paul Bell. “As for the slight decrease in median home prices last month, I think real estate investors are influencing that statistic because they tend to buy lower-priced homes, which are generally owned by banks.”

According to GLVAR, 51.4 percent of all existing homes sold in Southern Nevada during March were purchased with cash. That’s down from 53.8 percent in February. That’s also the first time this cash buyer percentage has gone down since it dipped briefly between August and September of 2010.

Despite the decline in cash buyers last month, Bell said “this is still a very high percentage of people paying cash for homes.” As long as local home prices remain so affordable and lending standards remain relatively stringent, Bell said he expects this percentage to hover near record levels as investors play a dominant role in the local housing market. The total number of local homes, condominiums and townhomes sold in March was 4,316. That’s up from 3,371 total sales in February and up from 3,989 total sales one year ago.

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