Las Vegas Condo Sales Up Big in December
Recently released numbers from the Greater Las Vegas Association of Realtors (GLVAR) revealed December was a very strong month for condo sales here in the Las Vegas area. According to the data, more home buyers purchased condos last month than houses, which could be yet another sign that more first-time and entry-level home buyers are starting to enter the marketplace.
Compared to December of 2015, condo sales last month were up by a whopping 18.9%, and up 12.4% when comparing all of 2015 with all of 2016. Some industry experts are also attributing a drop in condo prices to the surge in sales, as the median price for condo units specifically fell 4.2% last month compared to a year ago.
Home prices on the other hand increased in Las Vegas when comparing last month to December 2015, but that doesn't mean home sales last month were poor. In fact, compared to December 2015, home sales also increased around Las Vegas by 4.6%, and were also up 1.3% for the year compared to all of 2015.