48,186 SINGLE-FAMILY HOMES AND CONDOS
WERE SOLD IN LAS VEGAS IN 2011, TOPPING
THE PREVIOUS RECORD OF 46,879 SET IN 2009

Prices were being held down by cautious
appraisers and the many foreclosures.
Roughly half of all sales were cash-only
transactions while 46.8 percent were
real-estate owned or bank-owned properties
returning to the market after foreclosure.

Another 26.6 percent were short sales, or
lender approved sales for less than the
mortgage balance.

What was good news for realtors selling
existing homes and condos was bad news
for builders and developers last year,
as new home sales plummeted from nearly
39,000 in 2006 to fewer than 4,000 in
2011, the lowest level since Home Builders
Research began tracking the market in 1988.

The median price of a single-family home
declined to $120,000 in December, down 9.1
percent from the same month a year ago.

A buyer may be willing to pay more for a
home or condo, but lenders won't loan more
than the appraiser's take. This keeps home
prices from rising.

The sales data shows that the backlog of
homes and condos is falling. Multiple Listings
decreased 11.2 percent in December to 19,230.

One encouraging factor is that people who
went through a foreclosure or short-sale
more than three years ago are starting to
re-enter the market.

Money that has been sitting on the sidelines
for years is making it's way into the
residential market.

The President of the Greater Las Vegas Realtors
said, "we are seeing more short-sales which
are preferable to foreclosures, and sell for
higher prices than foreclosures."

Condo median prices dropped to $58,550.