Condo prices in Las Vegas fell by 54.1%

CNN reported that condo prices in Las Vegas fell 54.1% compared with the second quarter in the previous year and dropped 11.7% between the first and second quarters of this year.

The median price of condo units in Las Vegas now stands at $66,400, CNN said. Nationwide, the news agency, said condo prices fell 19.8% year-over-year.

CNN added that the price drop can be  attributed to the increase of foreclosures and short sales. Nationwide, foreclosures and short sales represent 36% of all transactions during the quarter, CNN said.

Properties sold through foreclosures and short sales, the news agency said, are mostly sold at discounts of at least 15% in contrast with traditional sales.

CNN said that due to the sinking home prices, buyers were able to buy homes in places they could not previously afford.

According to the National Association of Realtors or NAR, out of the 61 metro areas surveyed, only four showed a year-over-year increase in condo prices. NAR reported that this increase in condo prices only happened in the following areas: Virginia Beach, where prices increase 2.8%; Wichita, Kan. (2%); Dallas (0.7%) and Colorado Springs (0.2%).

NAR added that the most expensive condo market was San Francisco, where the median price was $405,700, down 22.5% from the previous year.

The realtor association said prices of homes also sank, as median home prices dropped by a record 15.6% during the three months ended June 30, compared to the same period in the previous year.

In majority of metro areas; that is, 129 out of 155, median home prices dropped year-over-year, the realtor association reported.

In terms of home prices, NAR said the Cape Coral metro area in Florida recorded the largest drop decline: 52.8% or $84,000.

The realtor association added that the lowest priced home market in the US now is Saginaw, Mich., where the median home sold for $55,700 during the quarter, a 30.6% drop over the previous year.

 If you are looking to purchase a condo in Las Vegas, please call Jeff and Lee Ann Mix of i Realty. If you are facing foreclosure, Jeff and LeeAnn Mix can help you through a short sale of your home. A short sale is when your lender accepts less for the home than what is owed.