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Home Sales Record Set In 2011

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(photo: MARK RALSTON/AFP/Getty Images)

(photo: MARK RALSTON/AFP/Getty Images)

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(Las Vegas, NV) — More existing local homes were sold in 2011 than during any other year on record, according to statistics released today by the Greater Las Vegas Association of Realtors.

GLVAR reported that 48,186 local properties were sold in 2011, including 38,153 single-family homes and 10,033 condominiums and townhomes. That breaks GLVAR’s all-time sales record set in 2009, when it reported 46,879 total sales. In 2010, GLVAR reported 43,877 total sales.

GLVAR president Kolleen Kelley says she sees this record sales pace continuing in 2012, when the basic economics of supply and demand suggest at least some modest improvement in the local housing market.

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

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