The greatest number of existing homes for sale in Las Vegas were sold in 2011 than in any other year, the Greater Las Vegas Association of Realtors reports.
According to the report, 48,186 properties were sold throughout the city in 2011. This includes 38,153 single-family homes and 10,033 townhouses and condominiums. The previous sales record was set in 2009 at 46,879.
"We may see some improvement in prices this year as our inventory of homes on the market keeps going down and demand stays high," said GLVAR president 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."
Meanwhile, the report also noted that the traditional holiday season sales trend did not apply in 2011. According to Kelley, sales transactions between November and December generally have the slowest rate. However, the total number between the two months accounted for 8,133 sales.
Additionally, GLVAR stated that the median price for a single-family home in December dipped 4 percent lower on a month-over-month basis to $120,000.