Real Estate in Las Vegas Nevada -- Exciting Developments

Real estate in Las Vegas Nevada has never seen such robust activity ever since the pre-recession period. Just this past month alone, new property sales and home building permits are at a record high for the state that has seen the worst of the housing crisis.

In Las Vegas valley, there were 591 new property sales based on industry insider’s data. That number is up 46 percent from the previous year. The fly in the ointment is that average home values fell by three percent or $199,743 as compared to $206,480 from just the year before.

Encouraging Numbers

In just the past month, there were about 440 new home permits that were filed. This figure is up by a whopping 75 percent as compared to the same month in the last year. However, the downside is that there might be fewer new permits by next year because there aren’t enough completed or partially completed properties to keep up with the demand.

Mixed Numbers in the Pre-Owned Market

In the pre-owned property market in Las Vegas Nevada, numbers seem to be a bit mixed. There were about 3,544 pre-owned home sales in the month, which is down by about 17 percent when compared to the previous year. However, the good news is that average home prices have gone up by 20 percent to about $129,500

Foreclosure Numbers Down

In the area of home foreclosure, Las Vegas Nevada numbers have been reported to be down from April to June as compared to the first quarter of this year. However, Nevada is still considered to be second just behind the state of Georgia in residential property sales that ended up on the foreclosure chopping block. This was based on a report by industry tracker RealtyTrac.

According to their numbers, there were about 9,657 foreclosed properties that were sold in the state during the 2^nd quarter of 2012. This number is considered down when compared to the 2^nd quarter of last year when the numbers were at a dismal 32.5%

Among the metropolitan areas, Las Vegas is tied for the 5^th biggest in the country with about 45 percent of all residential property sales involve foreclosure.

A lot of real estate observers are looking for the new Nevada law that is scheduled to take effect this month. The new law makes it harder for banks to begin foreclosure proceedings on real estate property owners that have been late with their mortgage payments. This is probably the reason that there are fewer foreclosed properties for sale as struggling homeowners have a new lease on life to save their investment.

On a national level, there has also been a recorded decline in foreclosure numbers. This signals a good sign for the housing market that the worst of the housing crisis is finally over. While it is true that the numbers are not the same throughout the country, the results are still encouraging enough to say that the market is finally headed to a sustainable recovery.

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