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Las Vegas home sales break record

Sales of homes in Las Vegas were at an all-time high in 2011.

Sales of homes in Las Vegas were at an all-time high in 2011.

Despite the economy and housing market being stagnant in 2011, statistics recently released by the Greater Las Vegas Association of Realtors showed that more existing local homes were sold in 2011 than during any other year on record.

According to the GLVAR, 48,186 local properties were sold in 2011, which breaks the all-time sales record set in 2009 of 46,879 set in 2009. The properties sold in 2011 include 38,153 single-family homes and 10,033 condominiums and town homes.

“We may see some improvement in prices this year as our inventory of homes on the market keeps going down and demand stays high,” longtime Las Vegas Realtor Kolleen 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.”

Statistics released by GLVAR for the month of December showed a monthly increase in single-family home sales, but a slight decrease in home prices, which Kelley said contradicts the trend of the past decade when home sales typically declined during winter months.

Las Vegas is expected to experience gains in 2012, with investors looking to take advantage of the market and rebuild real estate portfolios.

With home prices continuing to be steady, potential homeowners might see the current state of the housing market as a perfect condition to receive moving quotes to take advantage of lower home values.