Home sales nearly tripled in December from the same month a year ago, though median prices declined 32.7 percent, from statistics located at the Greater Las Vegas Association of Realtors.

The inventory of homes for sale remained relatively stable, up 0.6 percent from a year ago at 22,144 units.

It’s the fourth straight month of dramatic sales increases for both single-family homes and condos and townhomes. The 2,498 home sales are up 184.2 percent from 879 in December 2007, while the 455 condo sales are up 172.5 percent from 167 a year ago.

We are all very encouraged to see the jump in monthly sales during a challenging time in both the local and national economies.

December is traditionally a slow time of the year in real estate because of the holidays and colder weather, she said.

This shows that buyers are realizing that this is a great time to buy a home.

Of course, we will stop short of predicting when local home prices may rebound, but we continued to emphasize that the market presents opportunities that “can’t last much longer.”

We represent many investors who are scooping up deals. They don’t really care if they’ve found the bottom. They’re getting homes below replacement cost, they’re holding them for three to five years and they’re getting cash flow. So to them, it’s a no-brainer.

Most of our buyers are owner-occupants and they’re in the same situation. They understand interest rates are at historic lows for 30-year mortgages and they’re going to live in the home for five years or more.

Yes, prices are still declining, but it’s like buying a stock. Do you try to pick the bottom? Again, they understand they’re buying a home at below-replacement cost,” he said.

Median home prices dropped to $175,000 in December, the lowest level since 2003. Condo prices are down 51.4 percent from a year ago at $89,900.

Bank-owned properties, or foreclosures, accounted for 41 percent of all listings in December and slightly more than 75 percent of all closings. Short-sale properties, offered at less than the mortgage owed, accounted for 31 percent of listings and 11 percent of closings.

The percentage of vacant listings continues to increase. We’ve found 65.2 percent of single-family listings vacant in December, compared with 44 percent in the beginning of 2007. Condo vacancies rose to 74 percent from 57 percent during the same period.

Greater Las Vegas Association of Realtors statistics are based on data collected through the Multiple Listing Service, which does not account for new homes sold by builders, sales by owners and other transactions not involving a Realtor.

Located in the geographic center of Summerlin, Summerlin Centre is a 1,300 acre village that is selling more than 50 home floor plans. Single story, two story and even three story plans are available.

Each neighborhood in Summerlin Centre features amenities designed exclusively for the use of residents. These include parks, pools, barbecue areas and views of the Strip as well as Red Rock National Conservation Area.

Developed by the Howard Hughes Corporation, Summerlin began to take shape in 1990. Located along the western rim of the Las Vegas Valley, Summerlin encompases 22,500 acres with about 9,000 acres still remaining to accommodate future growth within the master plan, including the community’s urban core of Summerlin Centre.

The community is currently home to more than 95,000 residents and amenities include more than 100 neighborhood and village parks, more than 150 completed miles of the Summerlin trail system, 9 golf courses, shopping centers, medical and cultural facilities, business parks, 22 public and private schools, and more than 100 actively selling floorplans.

As the only guard gated community in the Mountains Edge master planned community, “Cascade” recently opened their doors to 3 model homes in the community. The neighborhood has 68 home sites, including some of the largest lots in Mountains Edge. Amenitites at Mountains Edge Master Planned Community can be seen at http://www.michaelmeyerrealestate.com/blog/2007/04/25/new-homes-list-mountains-edge/ .

Ranging from 3,482 to 3,984 square feet, and priced in the low 500’s, the community offers buyers a range of flexibility in design, with options including porches, balconies, theater rooms, additional master suites and fireplaces.

The “Sutherland” model, which is 3,482 square feet, comes with 4 bedrooms and 3 baths plus a den, bonus room and a 3 car garage. With options you could add up to 228 square feet to the home.

The “Yosemite” model, which is 3,610 square feet, comes with 4 bedrooms and 3 baths, a den, a great room, bonus room plus a 3 car garage. With options, you can add an additonal master suite and up to 2 more bedrooms.

The “Victoria” model, which is 3,984 square feet and is the largest of the homes, comes with 4 bedrooms and 3 1/2 baths, a den, master retreat, bonus room and a 3 car garage. Buyer can add options such as a deck/patio, a balcony, theater room, game room and a 5th bedroom.

Located at the base of the Spring Mountains, The Mesa Village is Summerlin’s newest and most southern village developed to date.

The Village is offering nearly two dozen floor plans priced from the mid-$200,00s to the $500,000s.

Homeowners that aspire to have a Summerlin address need to give this new community a look.

Spanning nearly 500 acres, The Mesa Village is planned to include several residential neighborhoods along with a 19-acre community park which will open in 2009. The community park will offer tennis courts, 3 little league fields, a basketball court, tot lot, covered picnic areas and a playground.

Ladera, which is the communities first residential neighborhood, has plans ranging from 1,642 to 2,883 square feet. Pricing runs from the mid $200,000s to the high $300,000s.

Resort style living in the master planned community of Southern Highlands.

Opportunities to lounge poolside by water and fire features, take in the views of the Strip and enjoy the privileges of membership in an exclusive club. The lifestyle at Tuscan Cliffs is so distinctive because each of the residences takes on the feel and function of a private, intimate resort.

Most of the homes feature a front door tucked away behind a portico entry and accessed via the home’s central courtyard, creating a sense of privacy. Some designs also feature second courtyards, and all include an extensive rear patio. There are over 5,000 ways each resident can personalize their home, from the structural layout of the home to custom design interiors.

The neighborhood features four floor plans, ranging from 4,328 to 5,441 square feet. A very pleasing option would be that of an option to have a one- or two- story casita. Additional bedrooms, additional garage space, an elevator, a sun terrace or a wine cellar are among the most popular options.

Each home site measures at least one-quarter acre!

Standard amenities include paverstone driveways, sand finished stucco exteriors, exterior stone veneer, 42-inch maple cabinets, granite countertops, 6-foot garden tubs.

New residents will receive a one-year social membership to the Southern Highlands Golf Club, upon application approval. The club includes  a spa, swimming pool and other facilities.