Thursday, January 26, 2006

Normal Growth in 2005

Real estate in Las Vegas some normalcy return with the growth of 6.8 percent. The sales grew at a record levels. Median prices in December were at $309,990 which $19,703 above the figure for December 2004. Condo conversions took center stage and helped in keeping the prices at reasonable levels. Totally a whopping 7700 condos were converted last year.

Sales of new homes exceeded last year sales by 9,000 units and stood at 38,517 which i 30.7 percent higher than last year. It's been good year even if the conversions are removed from the equation according to the local real estate agents.

Las Vegas has some areas of concern the rising inventory of homes of sale increased to 10,000 and remained at that level for whole of last year. In January 2004 this number stood at less than 3000 homes. Prices are expected to fall or hold steady and there won't be any runaway growth like what was witnessed in 2004 or early 2005.

posted by Diane @ 4:06 AM