Housing market in Las Vegas steadily improves

Las Vegas residents looking to move to a new home in the metro area may want to put in an offer on a home sooner rather than later to capitalize on affordable property prices. Houses for sale in Las Vegas are increasing in value, while the number of distressed properties on the market is decreasing.

Increased home prices and sales

According to ALTOSResearch, the median price for a single-family detached home in Las Vegas was $157,294 as of May 20, 2012. This is up from approximately $150,000 experienced on the first of the same month and drastically improved since the first of the year when the median home price was about $130,000.

For those who may be looking at a larger or smaller property, it can be beneficial to learn the median price paid per square foot to determine if a house is really a good deal. The median price per square foot for a home in Las Vegas was approximately $78 on May 20, 2012, reports the source.

Decreased distressed properties

Encompassing short sales and foreclosures, the number of distressed properties on the market in Las Vegas is slowly decreasing to a more normal rate. Foreclosed homes accounted for 48.9 percent of all Las Vegas resales in March 2012 – down from 57.3 percent experienced for the same month one year earlier, according to DataQuick. Short sales featured a slight uptick on a year-to-year comparison, with 13.9 percent in March 2012 and 11.6 in March 2011.

Mortgage lenders decreased the number of homes foreclosed upon in Las Vegas by 19 percent in March from the prior month and down 58.1 percent from the year before.

New construction developments

Amidst all of the traditional housing strength indicators comes news on the future of the construction industry. According to the Las Vegas Sun, the very first students of the new Sustainable Construction Technology program of the College of Southern Nevada graduated this past semester. The green building initiative is just once newly developed program to specialize in developing strategic and energy-efficient designs at every step of the construction process. Local programs such as this one may bring about new and greener buildings to the Las Vegas area in an effort to improve the community.