Relocating to Las Vegas | Relocation Resources for Moving to Las Vegas

Contact Information

Greater Las Vegas Association of Realtors
1750 East Sahara Avenue
Las Vegas , NV 89104

tel: (702) 784-5000
fax: (702) 784-5060

company website

Gallery

Greater Las Vegas Association of Realtors

<< Prev Next >>

Press Release

GLVAR Reports Increasing Home Sales, Prices, Decreasing Inventory

Statistics released today by the Greater Las Vegas Association of REALTORS® (GLVAR) show the number of existing homes being sold in Southern Nevada continues to go up, while the number of homes available for sale continues to go down. “So far this year, local home sales remain strong and above the record sales pace we set in 2011,” said GLVAR President Kolleen Kelley, a longtime local REALTOR®. “At the same time, we’re seeing fewer homes available for sale each month, especially bank-owned homes. With the supply of homes going down, it makes sense that the median price of homes went up last month.” Kelley said the inventory of available homes had been declining through much of 2011. That trend seems to have accelerated since Oct. 1, 2011, when a new state law known as AB284 took effect, requiring lenders to prove they have all the necessary documents in place before proceeding with a foreclosure. Since Oct. 1, she said this law has curtailed the number of bank-owned homes being put on the market in Southern Nevada. Still, Kelley said existing home sales are even stronger so far in 2012 than they were in 2011, which set a record for existing home sales in a single year with 48,186 sales, including 38,153 single-family homes and 10,033 condominiums and townhomes. According to GLVAR, the total number of local homes, condominiums and townhomes sold in February was 3,794. That’s up from 3,591 in January, and up from 3,371 total sales in February 2011. Compared to one year ago, single-family home sales during February increased by 17.8 percent, while sales of condos and townhomes decreased by 5.0 percent. As for prices, GLVAR reported the median price of single-family homes sold in February was $121,000, up 2.5 percent from $118,000 in January, but down 5.5 percent from $128,000 one year ago. Meanwhile, the median price of local condominiums and townhomes sold in February was $60,000. That’s up 9.1 percent from $55,000 the previous month, but down 3.6 percent from $62,250 the previous year. Kelley said this is the first time the median price of local condos and townhomes had topped $60,000 since May of 2011. The total number of homes listed for sale on GLVAR’s Multiple Listing Service decreased from January to February, with a total of 18,870 single-family homes listed for sale at the end of the month. That’s down 1.5 percent from 19,160 single-family homes listed for sale at the end of January and down 15.4 percent from one year ago. GLVAR reported a total of 4,016 condos and townhomes listed for sale on its MLS at the end of February. That’s down 2.8 percent from 4,133 condos and townhomes listed in January, and down 16.2 percent from one year ago. As in past months, the number of available homes listed for sale without any sort of pending or contingent offer also declined compared to the previous month and year. By the end of February, GLVAR reported 6,543 single-family homes listed without any sort of offer. That’s down 18.2 percent from 8,001 such homes listed in January and down 45.6 percent from one year ago. For condos and townhomes, the 1,598 properties listed without offers in February represented an 8.5 percent decline from 1,746 such properties listed without offers in January and a decrease of 45.6 percent from one year ago. In February, GLVAR reported that 53.2 percent of all existing homes sold in Southern Nevada were purchased with cash. That’s up from 52.5 percent in January and another indication to Kelley that “investors continue to see great value in our housing market.” Meanwhile, 29.3 percent of all existing local homes sold during February were short sales, which occur when a lender agrees to sell a home for less than what the borrower owes on the mortgage. That’s up from 28.1 percent in January, but still short of the peak of 34 percent set in June 2010. Bank-owned homes accounted for 42 percent of all existing home sales in February, down from 45.5 percent in January. GLVAR reported that the median price of bank-owned single-family homes sold in February was $104,900, up from $100,000 in January. The median price of single-family homes sold as part of a short sale in February was $120,000, down from $121,000 in January. This month’s GLVAR statistics include activity through the end of February 2012. GLVAR distributes such statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. Other highlights include: <ul> <li>The monthly value of local real estate transactions tracked through the MLS during February increased by 8.2 percent for homes to nearly $454 million. For condos and townhomes, the total value of all sales in February was more than $62 million, up 19.6 percent from January. Compared to one year ago, total sales volumes in February were up 12.1 percent for homes, but down 12.2 percent for condos and townhomes.</li> <li>Through February, 57.1 percent of all homes and 61.1 percent of all condos and townhomes sold within 60 days. That compares to January, when 56.6 percent of all homes and 63.4 percent of all condos and townhomes sold within 60 days.</li> </ul>

GLVAR Reports Housing Market Started 2012 Like it Ended 2011

The local housing market began 2012 in much the same way it ended 2011, with statistics released today by the Greater Las Vegas Association of REALTORS® (GLVAR) showing local home sales increased compared to the same month last year while prices dipped. “We continue to sell existing homes at a record pace and at bargain prices,” said GLVAR President Kolleen Kelley, a longtime local REALTOR® who succeeded Paul Bell as president of the association starting Jan. 1. “Our statistics for January also showed that fewer homes were available for sale, especially bank-owned homes.” Kelley said these same trends shaped the Southern Nevada housing market in 2011, which set a record for existing home sales in a single year. GLVAR reported that 48,186 local properties were sold in 2011, including 38,153 single-family homes and 10,033 condominiums and townhomes. That broke GLVAR’s all-time sales record set in 2009, when it reported 46,879 total sales. In 2010, GLVAR reported 43,877 total sales. “At the rate we’re going, 2012 has the potential to be another record sales year,” she said. According to GLVAR, the total number of local homes, condominiums and townhomes sold in the traditionally slow sales month of January was 3,591. That’s down from 4,250 in December 2011, but up from 3,214 total sales in January 2011. Within that total, single-family home sales during January increased by 16.8 percent, while sales of condos and townhomes decreased by 6.4 percent, all when compared to one year ago. As for home prices, GLVAR reported the median price of single-family homes sold in January was $118,000, down 1.7 percent from $120,000 in December and down 5.6 percent from $125,000 one year ago. Meanwhile, the median price of local condominiums and townhomes sold in January was $55,000. That’s down 6.1 percent from $58,550 the previous month and down 15.3 percent from $64,900 the previous year. The total number of homes listed for sale on GLVAR’s Multiple Listing Service decreased from December to January, with a total of 19,160 single-family homes listed for sale at the end of the month. That’s down 0.4 percent from 19,230 single-family homes listed for sale at the end of December and down 12.9 percent from one year ago. GLVAR reported a total of 4,133 condos and townhomes listed for sale on its MLS at the end of January. That’s up 1.8 percent from 4,061 condos and townhomes listed in December, but down 25.6 percent from one year ago. As in past months, the number of available homes listed for sale without any sort of pending or contingent offer also declined compared to the previous month and year. By the end of January, GLVAR reported 8,001 single-family homes listed without any sort of offer. That’s down 9.4 percent from 8,831 such homes listed in December and down 35.8 percent from one year ago. For condos and townhomes, the 1,746 properties listed without offers in January represented a 4.7 percent decline from 1,832 such properties listed without offers in December and a decrease of 43.4 percent from one year ago. In January, GLVAR reported that 52.5 percent of all existing homes sold in Southern Nevada were purchased with cash. That’s up from 50.8 percent in December. Meanwhile, 28.1 percent of all existing local homes sold during January were short sales, which occur when a lender agrees to sell a home for less than what the borrower owes on the mortgage. That’s up from 26.6 percent in December, but still down from a peak of 34 percent set in June 2010. Bank-owned homes accounted for 45.5 percent of all existing home sales in January, down from 46.0 percent in December 2011. GLVAR reported that the median price of bank-owned single-family homes sold in January was $100,000, down from $104,900 in December. The median price of single-family homes sold as part of a short sale in January was $121,000, down from $125,000 in December. This month’s GLVAR statistics include activity through the end of January 2012. GLVAR distributes such statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. Other highlights include: <ul> <li>The monthly value of local real estate transactions tracked through the MLS during January decreased by 17.6 percent to nearly $420 million. For condos and townhomes, the total value of all sales in January was nearly $52 million, down 18.6 percent from December. Compared to one year ago, total sales volumes in January were up 6.5 percent for homes, but down 12.2 percent for condos and townhomes.</li> <li>Through January, 56.6 percent of all homes and 63.4 percent of all condos and townhomes sold within 60 days. That compares to December, when 58.3 percent of all homes and 63.7 percent of all condos and townhomes sold within 60 days.</li> </ul>

GLVAR Campaign Urges REALTORS® to Boost Local Economy

The Greater Las Vegas Association of REALTORS® (GLVAR) has launched a campaign called “One Step to Recovery” to urge its more than 11,000 local members to make at least one additional purchase per month to help the local economy. The campaign was suggested by GLVAR President Kolleen Kelley, who took office Jan. 1 and will lead Southern Nevada’s largest professional organization in 2012. “We know that many of our friends, neighbors and local businesses continue to struggle through what has been a painful period in our local economy,” Kelley said. “As local REALTORS®, we want to be part of the solution. We need to band together and do what we can to help local people and businesses, especially in tough times.” Kelley is encouraging GLVAR members and others to participate, even if they make just one small purchase every month that they had previously put off due to economic conditions. “If we all just make more one discretionary purchase every month, it will help get our economy moving,” she said. “Go to a movie. Go out to dinner one more time each month. Take your pet to the groomer. If we can add at least 11,000 purchases to the local economy each month, we’ll help generate local jobs and boost consumer confidence. It has to start somewhere.” GLVAR has launched a Facebook page to help promote the campaign at<a href="http:// www.facebook.com/pages/One-Step-to-Recovery/205102659581037?sk=wall"> www.facebook.com/pages/One-Step-to-Recovery/205102659581037?sk=wall</a>. It is also promoting the program through its website, its magazine, its meetings and via e-mail, messages on its Multiple Listing Service and when its members speak to other local groups.

Local Home Sales Set Record in 2011, GLVAR Reports

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). 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. Longtime local REALTOR® Kolleen Kelley, who succeeded Paul Bell as GLVAR president starting Jan. 1, said 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.” As with most of 2011, GLVAR statistics for December show a monthly increase in single-family home sales, but a dip in home prices. Kelley said the sales increase between November and December bucks trends from the past decade, when local home sales generally declined through the holiday and winter months that make up the slowest season for Southern Nevada home sales. According to GLVAR, the total number of local homes, condominiums and townhomes sold in December was 4,250, up from 3,883 in November and up from 4,007 total sales one year ago. Within that total, single-family home sales during December increased by 10.9 percent, while sales of condos and townhomes decreased by 10.8 percent, all when compared to December of 2010. As for home prices, GLVAR reported the median price of single-family homes sold in December was $120,000, down 4.0 percent from $125,000 in November. That’s down 9.1 percent from $132,000 one year ago. Meanwhile, the median price of local condominiums and townhomes sold in December was $58,550. That’s up 0.9 percent from $58,000 the previous month, but down 5.6 percent from $62,000 the previous year. The total number of homes listed for sale on GLVAR’s Multiple Listing Service decreased from November to December, with a total of 19,230 single-family homes listed for sale at the end of the month. That’s down 7.6 percent from 20,818 single-family homes listed for sale at the end of November and down 11.2 percent from one year ago. GLVAR reported a total of 4,061 condos and townhomes listed for sale on its MLS at the end of December. That’s down 7.7 percent from 4,399 condos and townhomes listed in November and down 26.8 percent from one year ago. As in past months, the number of available homes listed for sale without any sort of pending or contingent offer also declined in December from the previous month and year. By the end of December, GLVAR reported 8,831 single-family homes listed without any sort of offer. That’s down 9.7 percent from 9,780 such homes listed in November and down 28.9 percent from one year ago. For condos and townhomes, the 1,832 properties listed without offers in December represented a 12.9 percent decline from 2,103 such properties listed without offers in November and a decrease of 32.9 percent from one year ago. In December, GLVAR reported that 50.8 percent of all existing homes sold in Southern Nevada were purchased with cash. That’s up from 48.2 percent in November. Meanwhile, 26.6 percent of all existing local homes sold during December were short sales, which occur when a lender agrees to sell a home for less than what the borrower owes on the mortgage. That’s down slightly from 26.8 percent in November, and down from a peak of 34 percent set in June 2010. Bank-owned homes accounted for 46.0 percent of all existing home sales in December, matching the percentage in November. GLVAR reported that the median price of bank-owned single-family homes sold in December was $104,900, down from $107,640 in November. The median price of single-family homes sold as part of a short sale in November was $125,000, down from $129,900 in November. This month’s GLVAR statistics include activity through the end of 2011. GLVAR distributes such statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. Other highlights include: <ul> <li>The monthly value of local real estate transactions tracked through the MLS during December increased by 6.6 percent to nearly $510 million. For condos and townhomes, the total value of all sales in December was nearly $64 million, up 19.9 percent from November. Compared to one year ago, total sales volumes in December were down 0.2 percent for homes, and down 12.1 percent for condos and townhomes.</li> <li>Through December, 58.3 percent of all homes and 63.7 percent of all condos and townhomes sold within 60 days. That compares to November, when 58.7 percent of all homes and 65.9 percent of all condos and townhomes sold within 60 days.</li> </ul>

GLVAR statistics show local home sales, prices rebounding in February, with cash buyer percentage still climbing

Statistics released today by the Greater Las Vegas Association of REALTORS® (GLVAR), show local home sales and prices rebounding a bit from the previous month, while the percentage of buyers paying cash for homes in Southern Nevada continued to climb. “These February figures bode well for the rest of the year,” said GLVAR President Paul Bell, a longtime local REALTOR®. “Most of the indicators are pointing up. That’s generally a good thing.” Bell said that includes the fact that 53.8 percent of all existing homes sold in Southern Nevada during February were purchased with cash. That’s up from 51 percent in January and one of the highest cash buyer percentages in the nation. This steady stream of cash buyers shows how attractive the area is to people looking to invest in real estate, Bell said. Most of these cash buyers are investors who are renting out, rather than occupying, these homes. While it would be ideal to see more owner-occupants buying these homes, Bell said “that’s not realistic right now in this market.” He expects investors to continue paying cash for homes as long as lending standards remain tight, home prices remain at bargain levels and the inventory of lower-priced, often bank-owned homes continues to be available. “Las Vegas will be a testing ground to see how high this number can go,” Bell said. “We’re in uncharted waters here.” GLVAR reported that single-family home sales and prices increased from January to February. The total number of local homes, condominiums and townhomes sold in February was 3,371. That’s up from 3,214 in January and up from 3,075 total sales one year ago. According to GLVAR, the median single-family home price during February was $128,000, up 2.4 percent from $125,000 in January. That’s down 5.7 percent from one year ago. The median price of local condominiums and townhomes sold in February was $62,250, down 4.1 percent from $64,900 in January and down 4.2 percent from one year ago. In February, 26.6 percent of all existing homes sold in Southern Nevada were short sales, which occur when a bank agrees to sell a home for less than what the borrower owes on the mortgage. That percentage is unchanged from January and is still below the peak of 34 percent set in June 2010. Meanwhile, GLVAR found that bank-owned homes accounted for 51.6 percent of all existing home sales in February, up from 48.8 percent in January. GLVAR reported that the total number of homes listed for sale on its Multiple Listing Service increased slightly from January to February, with a total of 22,307 single-family homes listed for sale at the end of the month. That’s up 1.3 percent from 22,010 homes listed for sale at the end of January and up 10.1 percent from one year ago. GLVAR reported a total of 4,794 condos and townhomes listed for sale on its MLS at the end of February. That’s down 13.7 percent from 5,554 in January and down 12.8 percent from one year ago. At the same time, the number of available properties listed for sale without any sort of pending or contingent offer decreased from January. By the end of February, GLVAR reported 12,019 single-family homes listed without any sort of offer. That’s down 3.6 percent from 12,468 in January, but still up 50.7 percent from one year ago. For condos and townhomes, the 2,938 properties listed without offers in February represented a 4.7 percent decrease from the 3,083 properties listed without offers in January, but an increase of 30.3 percent from last year. This month’s GLVAR statistics include activity through the end of February 2011. GLVAR distributes such statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. Other highlights reported by GLVAR include: <ul> <li>The monthly value of local real estate transactions tracked through the MLS during February increased 2.8 percent for homes, to more than $405 million. For condos and townhomes, the total value of all sales in February was nearly $71 million, up 19.6 percent from January. Compared to one year ago, total sales volumes in February were up 0.7 percent for homes and up 20.5 percent for condos and townhomes.</li> <li>Through February, 55.8 percent of all homes and 58.2 percent of all condos and townhomes sold within 60 days. That compares to January, when 55.6 percent of all homes and 55.0 percent of all condos and townhomes sold within 60 days.</li> </ul>

GLVAR statistics show more than half of all homes sold in Las Vegas area now being purchased with cash

The local housing market has hit a milestone. According to statistics released today by the Greater Las Vegas Association of REALTORS® (GLVAR), 51 percent of all existing homes being sold in Southern Nevada are now being purchased with cash. GLVAR President Paul Bell, a longtime local REALTOR®, said this represents a first for the housing market in Southern Nevada – and perhaps for any other part of the country. “This percentage of cash buyers has been increasing steadily for more than a year. We’ve been saying for months that we could eventually see cash buyers accounting for more than half of all our sales,” Bell said. “We’re now at 51 percent, so we’ve reached that threshold. In checking with our counterparts around the country, we have yet to find another major metropolitan area where so many buyers are paying cash for homes.” Bell said this influx of cash buyers “says a lot about what’s happening in our housing market.” He said the vast majority of these buyers are investors who are renting out, rather than occupying, the homes they’re buying. While it would be ideal if they were all living in the homes they’re buying, he said “cash buyers are still purchasing thousands of local homes that might otherwise sit vacant. I’d say we’re fortunate to have these buyers investing in our community. These smart money buyers are voting with their pocketbooks on the future of our local housing market.” He suggested these investors will likely keep paying cash for homes as long as lending standards remain tight, home prices remain at bargain levels and the inventory of lower-priced, often bank-owned homes continues to be available. Keeping with trends from past years, Bell said local single-family home sales and prices decreased from December to January. According to GLVAR, the median single-family home price during January was $125,000. That’s down 5.3 percent from $132,000 in December and down 7.4 percent from one year ago. The median price of local condominiums and townhomes sold in January was $64,900, up 4.7 percent from $62,000 in December, but down 5.9 percent from one year ago. In January, 26.6 percent of all existing homes sold in Southern Nevada were short sales, which occur when a bank agrees to sell a home for less than what the borrower owes on the mortgage. That’s up from 25.3 percent in December but down from a peak of 34 percent in June 2010. Meanwhile, bank-owned homes accounted for 48.8 percent of all existing home sales in January, down from 49.8 percent in December. The total number of local homes, condominiums and townhomes sold in January was 3,214. That’s down from 4,007 total sales in December, which Bell described as a strong sales month. GLVAR reported that the total number of homes listed for sale on its Multiple Listing Service increased from December to January, with a total of 22,010 single-family homes listed for sale at the end of the month. That’s up 1.6 percent from 21,656 homes listed for sale at the end of December and up 11.5 percent from one year ago. GLVAR reported a total of 5,554 condos and townhomes listed for sale on its MLS at the end of January. That’s up 0.1 percent from 5,550 the previous month and up 3.2 percent from the previous year. The number of available properties listed for sale without any sort of pending or contingent offer also increased from last month and remained up substantially from one year ago. By the end of January, GLVAR reported 12,468 single-family homes listed without any sort of offer. That’s up 0.4 percent from 12,417 homes in December and up 53.8 percent from one year ago. For condos and townhomes, the 3,083 properties listed without offers in January represented a 12.9 percent increase from 2,731 properties in December and an increase of 35.4 percent from last year. This month’s GLVAR statistics include activity through the end of January 2011. GLVAR distributes such statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. Other highlights reported by GLVAR include: <ul> <li>The monthly value of local real estate transactions tracked through the MLS during January decreased 22.8 percent for homes, to more than $394 million. For condos and townhomes, the total value of all sales in January was more than $59 million, down 18.5 percent from December. Compared to one year ago, total sales volumes in January were down 8.2 percent for homes and down 3.2 percent for condos and townhomes.</li> </ul> <ul> <li>Through January, 55.6 percent of all homes and 55.0 percent of all condos and townhomes sold within 60 days. That compares to December, when 59.3 percent of all homes and 63.7 percent of all condos and townhomes sold within 60 days.</li> </ul>

GLVAR housing statistics show local home sales up in December

Though prices dipped, 2010 ranks as third best sales year ever Local housing statistics released today by the Greater Las Vegas Association of REALTORS® (GLVAR) show single-family home sales increased while prices decreased from November to December, capping a year that brought some welcome stability to the local housing market. GLVAR President Paul Bell, a longtime local REALTOR® who succeeded 2010 President Rick Shelton starting Jan 1, said GLVAR’s latest statistics, like 2010, represent a mixed bag. “It was good to see local home sales increase, as they did in the previous month,” Bell said. “At the same time, we know most homeowners are disappointed to hear that prices went down. The median price of an existing home here is now down about 3 percent from one year ago. At least this slight decrease is better than the 33 percent and 22 percent declines we saw in 2008 and 2009. I agree with my predecessor, Rick Shelton, who has been saying that we’ve at least stopped the bleeding and are now bouncing along the bottom of the market.” Bell noted that local home sales and prices typically decline from November to December. According to GLVAR, the median single-family home price during December was $132,000. That’s down 2.1 percent from $134,900 in November and down 2.9 percent from one year ago. The median price of local condominiums and townhomes sold in December was $62,000, down 4.5 percent from $64,900 in November and down 5.1 percent from one year ago. In December, 25.3 percent of all existing homes sold in Southern Nevada were short sales, which occur when a bank agrees to sell a home for less than what the borrower owes on the mortgage. That’s down from 26 percent in November and from a peak of 34 percent in June 2010. Meanwhile, bank-owned homes accounted for 49.8 percent of all existing local home sales in December, up from 44 percent in November, but down from a 2010 peak of 53 percent in February. The total number of local homes, condominiums and townhomes sold in December was 4,007. That’s up from 3,510 total sales in November. The percentage of local homes purchased with cash continues to rise, accounting for 48.2 percent of all local home sales in December, up from 47.8 percent in November. Bell said this cash buyer trend “was one of the big stories of 2010” and is likely unmatched anywhere in the nation. He added this percentage may continue to approach half of all local home sales in 2011. GLVAR reported that the total number of homes listed for sale on its Multiple Listing Service declined from November to December after increasing in previous months, with a total of 21,656 single-family homes listed for sale at the end of December. That’s down 4.3 percent from 22,624 single-family homes listed for sale at the end of November. That’s still up 9.9 percent from one year ago. GLVAR reported a total of 5,550 condos and townhomes listed for sale on its MLS at the end of December. That’s down 4.9 percent from 5,839 the previous month, but up 21.3 percent from the previous year. Meanwhile, the number of available properties listed for sale without any sort of pending or contingent offer declined from last month, but was still up substantially from one year ago. By the end of December, GLVAR reported 12,417 single-family homes listed without any sort of offer. That’s down 1.3 percent from November, but up 47.7 percent from one year ago. For condos and townhomes, the 2,731properties listed without offers in December represented a decrease of 14.7 percent from last month but an increase of 50.1 percent from last year. This month’s GLVAR statistics include activity through the end of December 2010. GLVAR distributes such statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. Other highlights reported by GLVAR include: <ul> <li>The total number of existing homes, condos and townhomes sold in 2010 was 43,877. That makes 2010 the third best sales year on record, trailing the 46,879 sold in 2009 and 71,963 homes sold during the boom year of 2004.</li> <li>The value of local real estate transactions tracked through the MLS during December increased 13.0 percent for homes, to more than $510 million. For condos and townhomes, the total value of all sales in December was nearly $73 million, up 26.3 percent from November. Compared to one year ago, total sales volumes in December were down 8.7 percent for homes, but up 22.0 percent for condos and townhomes.</li> <li>Through December, 59.3 percent of all homes and 63.7 percent of all condos and townhomes sold within 60 days. That compares to November, when 60.3 percent of all homes and 59.5 percent of all condos and townhomes sold within 60 days.</li> </ul>

Despite tough times, GLVAR donates more than $64,000 to local charities

LAS VEGAS – In one of the most challenging times in the history of the local economy and real estate industry, the Greater Las Vegas Association of REALTORS® (GLVAR) announced this week that it donated more than $64,000 in cash and in-kind contributions to deserving local charities in 2010. “I’m proud that my fellow REALTORS® stepped up in such tough times to help so many people and so many worthwhile causes and charities,” GLVAR President Rick Shelton said. “During my year as president, I was impressed at all the good work these organizations do every day. I was also impressed by the continued generosity of our members.” Shelton said GLVAR’s donations in 2010 were raised primarily through annual events for GLVAR members and affiliates, including its golf tournament, bowling tournament and a silent auction at its annual event installing GLVAR’s new board members. GLVAR divided its nearly $46,000 in donations this year among several local charities, led by Habitat for Humanity of Las Vegas, Variety: the Children’s Charity, and the Safe Nest and Shade Tree shelters for women and children. Through various sponsorships, food, clothing and toiletry drives, he said GLVAR and its members contributed another $18,000 worth of in-kind donations to Safe Nest, Shade Tree, Peggy’s Attic, the Whitney Elementary School, Opportunity Village and others.

GLVAR housing statistics show local home sales, prices up in November

Local housing statistics released today by the Greater Las Vegas Association of REALTORS® (GLVAR) show single-family home sales and prices increasing from October to November. GLVAR President Rick Shelton, a longtime local REALTOR® wrapping up his one-year term as the association’s president, said GLVAR’s latest statistics were somewhat encouraging. “I’m pleasantly surprised to see local home sales go up from the previous month,” Shelton said. “This is the first time our GLVAR statistics have shown home sales increasing between October and November since at least 2004. We usually see sales decline in November and through the winter months before bouncing back heading into the spring.” According to GLVAR, the median single-family home price in Southern Nevada during November was $134,900, up 1.4 percent from $133,000 in October, but down 3.6 percent from one year ago. The median price of local condominiums and townhomes sold in November was $64,900, down 0.2 percent from $65,000 in October and down 4.6 percent from one year ago. In November, 26 percent of all existing homes sold in Southern Nevada were short sales, which occur when a bank agrees to sell a home for less than what the borrower owes on the mortgage. That’s down from 28 percent in October and down from a peak of 34 percent in June. Meanwhile, bank-owned homes accounted for 44 percent of all existing local home sales in November, the same percentage as October. That’s down from a 2010 peak of 53 percent in February. “These percentages are leveling off, but 70 percent of all our sales still involve a foreclosure or short sale situation,” Shelton said. The total number of local homes, condominiums and townhomes sold in November was 3,510. That’s up from 3,385 in October, but down from 3,843 total sales one year ago – when Shelton said home sales were lifted by a now-expired federal tax credit for first-time homebuyers that had also been expanded to include repeat buyers. The percentage of local homes purchased with cash continues to rise, accounting for 47.8 percent of all local home sales in November, up from 46.5 percent of all sales in October. Shelton said this percentage of cash buyers is likely a modern-day record for Southern Nevada, and perhaps the highest percentage of cash buyers of any major city in the nation. GLVAR reported that the total number of homes listed for sale on its Multiple Listing Service inched up from October to November, with a total of 22,624 single-family homes listed for sale at the end of November. That’s up 0.2 percent from 22,570 homes listed for sale at the end of October. That’s also up 8.5 percent from one year ago. GLVAR reported a total of 5,839 condos and townhomes listed for sale on its MLS at the end of November. That’s down 0.9 percent from the previous month, but up 22.0 percent from the previous year. Meanwhile, the number of available properties listed for sale without any sort of pending or contingent offer increased substantially from one year ago. By the end of November, GLVAR reported 12,581 single-family homes listed without any sort of offer. That’s an increase of 1.6 percent from October, but an increase of 50.0 percent from one year ago. For condos and townhomes, the 3,201 properties listed without offers in November represented a decrease of 3.4 percent from last month but an increase of 75.3 percent from last year. This month’s GLVAR statistics include activity through the end of November 2010. GLVAR distributes such statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. Other highlights reported by GLVAR include: <ul> <li>The value of local real estate transactions tracked through the MLS during November increased 8.7 percent for homes, to nearly $452 million. For condos and townhomes, the total value of all sales was more than $57 million in November, down 11.7 percent from October. Compared to one year ago, total sales volumes in November were down 13.3 percent for homes and down 0.6 percent for condos and townhomes.</li> </ul> <ul> <li>Through November, 60.3 percent of all homes and 59.5 percent of all condos and townhomes sold within 60 days. That compares to October, when 63.4 percent of all homes and 64.2 percent of all condos and townhomes sold within 60 days.</li> </ul> Contact: George McCabe, B&P (702) 967-2222 or 325-7358

GLVAR members earn awards for service to community, association Forrest Barbee named REALTORÂ® of the Year

The Greater Las Vegas Association of REALTORS® (GLVAR) presented awards to several local members and association leaders who were recognized for their service to their community, the association and the real estate profession. At its annual awards dinner on Nov. 20, GLVAR installed its 2011 board of directors, led by President Paul Bell, of Prudential Americana Group REALTORS®. GLVAR also presented its REALTOR® of the Year award to longtime local REALTOR® Forrest Barbee, who is a corporate broker and director of education and brokerage information in Las Vegas for Prudential Americana Group REALTORS®. Barbee, who has a diverse professional background, has been a member of GLVAR’s board of directors and currently serves as treasurer for 2010. He volunteers countless hours of his time to the association, his profession and his community. Other GLVAR award winners included: <ul> <li>Gene Nebeker Memorial Award (for professionalism and service to the GLVAR and the community) – Kolleen Kelley, of Realty Executives.</li> <li>Ronn Reiss Award (for educational excellence and leadership) – Myrna Kingham, of Tower Realty Group.</li> <li>Hall of Fame Awards – Ernie Freggiaro, of H&L Realty; Marlene Huebert, of Realty Executives; and Linda Rheinberger, of One Source Realty and Management and 2010 president of the Nevada Association of REALTORS®.</li> <li>Grass Roots Political Award (new award for 2010 recognizing commitment to grassroots political action and protecting private property rights) – Rocky Finseth, who oversees government affairs activities for REALTORS® statewide as owner of Carrara Nevada; and GLVAR CEO Irene Vogel.</li> <li>Affiliate of the Year (for providing outstanding service to the membership, presented at a separate event in late October) – Jim Losell, mortgage planner with iMortgage.</li> </ul> Media contact George McCabe, B&P (702) 967-2222 or 325-7358

GLVAR's local housing statistics following seasonal trends

Local housing statistics released today by the Greater Las Vegas Association of REALTORS® (GLVAR) offer more evidence that the Southern Nevada housing market is bouncing along the bottom. GLVAR President Rick Shelton, a longtime local REALTOR®, said GLVAR’s latest statistics are following seasonal trends and didn’t present any real surprises. “As expected, we saw fewer local homes sold in October than September. This has been the case every year since at least 2005,” Shelton said. “We can also expect less activity in the coming months as we head into what is traditionally our slowest season for home sales. After weathering the holiday months of November, December and January, I’d expect local home sales and hopefully prices to pick up a bit through 2011.” According to GLVAR, the median single-family home price in Southern Nevada during October was $133,000, down 1.5 percent from $135,000 in September and down 4.4 percent from $139,100 in October of 2009. The median price of local condominiums and townhomes sold in October was $65,000, matching September’s median price, and down 7.1 percent from $70,000 one year ago. In October, 28 percent of all existing homes sold in Southern Nevada were short sales, which occur when a bank agrees to sell a home for less than what the borrower owes on the mortgage. That’s down from 30 percent in September and a peak of 34 percent in June. Meanwhile, bank-owned homes accounted for 42 percent of all existing local home sales in October, unchanged from September. That’s down from a 2010 peak of 53 percent in February. The total number of local homes, condominiums and townhomes sold in October was 3,385. That’s down from 3,603 in September and from 4,385 total sales one year ago – when Shelton said home sales were lifted by a now-expired federal tax credit for first-time homebuyers that had just been expanded to include repeat buyers. The percentage of local homes purchased with cash continues to approach half of all home sales, accounting for 46.5 percent of all sales in October, up from 45.4 percent in September. Shelton said this percentage of cash buyers may be a modern-day record for Southern Nevada. “In fact,” he added, “we’re not aware of any other major city in the nation that has seen such a high percentage of cash buyers for such a prolonged period of time. This speaks volumes about our housing market and how well-funded buyers believe that prices here will eventually appreciate.” After five straight months of increasing inventory, GLVAR reported that the total number of homes listed for sale on its Multiple Listing Service declined slightly from September to October. GLVAR reported a total of 22,570 single-family homes listed for sale at the end of October. That’s down 0.7 percent from 22,719 single-family homes listed for sale at the end of September, but up 7.5 percent from one year ago. GLVAR reported a total of 5,892 condos and townhomes listed for sale on its MLS at the end of October. That’s down 0.9 percent from 5,945 in September, but up 20.1 percent from one year ago. At the same time, the number of available properties listed for sale without any sort of pending or contingent offer increased. By the end of October, GLVAR reported 12,379 single-family homes listed without any sort of offer. That’s an increase of 4.1 percent from September and an increase of 53.3 percent from one year ago. For condos and townhomes, the 3,314 properties listed without offers in October represented an increase of 5.2 percent from last month and 75.9 percent from last year. This month’s GLVAR statistics include activity through the end of October 2010. GLVAR distributes such statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. Other highlights reported by GLVAR include: <ul> <li>The value of local real estate transactions tracked through the MLS during October decreased by 12.8 percent for homes, to nearly $416 million. For condos and townhomes, the total value of all sales was more than $65 million in October, down 16 percent from September. Compared to one year ago, total sales volumes in October were down 28.6 percent for homes and down 12.6 percent for condos and townhomes.</li> </ul> <ul> <li>Through October, 63.4 percent of all homes and 64.2 percent of all condos and townhomes sold within 60 days. That compares to September when 66.6 percent of all homes and 66.6 percent of all condos and townhomes sold within 60 days.</li> </ul>

GLVAR reports steady sales, slightly lower local home prices

Local housing statistics released today by the Greater Las Vegas Association of REALTORS® (GLVAR) show relatively steady home sales and a slight dip in local home prices. GLVAR President Rick Shelton, a longtime local REALTOR®, has been saying for months that GLVAR’s statistics and feedback from its members suggest the local housing market is “bouncing along the bottom.” “We don’t like to make predictions about the future of the market. All we can say with certainty is where we’re at today and where we’ve been,” Shelton said. “But if the rest of 2010 continues to follow these recent trends, as many housing experts suggest, I think we’ll look back on this period and say we are now at or near the proverbial bottom of the housing market here in Southern Nevada.” Shelton added that “outside forces,” such as government incentives, tax credits and other forms of intervention, could still have an impact on the housing market. For instance, he said local REALTORS®, buyers and sellers are still feeling the effects of the federal tax credit for homebuyers that fueled home sales last summer and through its expiration on April 30. He said the expiration of the tax credit has slowed sales in recent months. The median single-family home price in Southern Nevada during September was $135,000, down 3.6 percent from $140,000 in August and down 2.2 percent from September of 2009. The median price of local condominiums and townhomes sold in September was $65,000, down 3.0 percent from $67,000 in August and down 1.1 percent from one year ago. According to GLVAR, the percentage of homes being sold as a result of short sales and foreclosures remained fairly steady last month. In September, 30 percent of all existing homes sold in Southern Nevada were short sales, matching the percentage in August and falling just shy of the peak mark of 34 percent in June. Meanwhile, bank-owned homes accounted for 42 percent of all existing local home sales in September. That’s down from 43 percent in August and from a peak of 53 percent in February. The total number of local homes, condominiums and townhomes sold in September was 3,603. That’s down slightly from 3,638 in August and from 4,217 one year ago. Shelton said the percentage of local homes purchased with cash continues to approach half of all home sales, accounting for 45.4 percent of all sales in September, compared to 45.9 percent in August. He said this may be the highest percentage of cash buyers in any metropolitan area in the country and is further proof that investors continue to bet with their own money that local home prices will eventually rise from today’s “bargain prices.” Shelton said buyers are also benefiting from increases in the total number of homes listed for sale and the number of homes listed without any sort of pending offer. September marked the fifth straight month that both inventory categories showed an increased number of homes listed for sale. By the end of September, GLVAR reported 11,887 single-family homes listed for sale without any sort of pending or contingent offer and another 3,151 such condos and townhomes. For single-family homes, that’s an increase of 4.9 percent from the inventory total in August and an increase of 50.3 percent from September 2009. For condos and townhomes, the inventory without offers in September increased by 4.1 percent from last month and by 53.0 percent from last year. As for the larger, or gross, number of listings on GLVAR’s Multiple Listing Service, GLVAR reported a total of 22,719 single-family homes listed for sale at the end of September. That’s up 0.4 percent from August and up 9.2 percent from one year ago. GLVAR reported 5,945 condos and townhomes listed for sale on its MLS at the end of September. That’s down 1.0 percent from August and up 14.8 percent from one year ago. This month’s GLVAR statistics include activity through the end of September 2010. GLVAR distributes such statistics each month based on data collected through its Multiple Listing Service, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. Other highlights reported by GLVAR include: <ul> <li>The value of local real estate transactions tracked through the MLS during September increased by 0.1 percent for homes, to more than $476 million. For condos and townhomes, the total value of all sales was more than $77 million in September, up 5.9 percent from more than $73 million in August. Compared to one year ago, total sales volumes in September were down 15.5 percent for homes and up 7.7 percent for condos and townhomes.</li> </ul> <ul> <li>Through September, 66.6 percent of all homes and 66.6 percent of all condos and townhomes sold within 60 days. That compares to August, when 68.1 percent of all single-family homes and 66.3 percent of all condos and townhomes sold within 60 days.</li> </ul> Contact: George McCabe, B&P (702) 967-2222 or 325-7358

GLVAR reports slower sales, higher home prices in August

Local housing statistics released today by the Greater Las Vegas Association of REALTORS® (GLVAR) show fewer home sales but higher prices in August compared to the previous month and year. GLVAR President Rick Shelton, a longtime local REALTOR®, said the association’s statistics continue to indicate that the local housing market is “bouncing along the bottom.” He said the expiration of the federal tax credit for homebuyers was a major contributor to the 12.7 percent decline in single-family home sales in Southern Nevada between August 2009 and August 2010. The tax credit sparked home sales last summer and until it expired April 30, but he said it also led to slower sales since then. “This decrease in sales from 2009 to 2010 is relative to the spike in sales we saw during this same time of year between 2008 and 2009, when the tax credit was available,” he said. Meanwhile, the median single-family home price in Southern Nevada during August rebounded to $140,000, up 3.7 percent from July, up 3.3 percent from August 2009 and matching the price from June 2010. The median price of local condominiums and townhomes sold in August was $67,000, down 1.5 percent from $68,000 in July, but up 1.1 percent from one year ago. Like last month, GLVAR reported a slight decrease in short sales and an increase in sales involving foreclosed homes. In February, 22 percent of all existing homes sold in Southern Nevada were short sales. That rose to 25 percent in March to 27 percent in April to 29 percent in May to a high of 34 percent in June to 31 percent in July to 30 percent in August. Bank-owned homes accounted 53 percent of all local home sales in February, falling to 50 percent in March to 43 percent in April to 40 percent in May to 38 percent in June before inching back up to 42 percent in July and 43 percent in August. According to the GLVAR, the total number of local homes, condominiums and townhomes sold in August was 3,638. That’s down from 3,748 in July and down from 4,039 one year ago. Shelton said the percentage of local homes purchased with cash held steady at 45.9 percent, matching July and just shy of record levels. This suggests investors continue to see value in buying local real estate at bargain prices, he said. Shelton said buyers are also benefiting from increases in the total number of homes listed for sale and the number of homes listed without any sort of pending offer. August marked the fourth straight month that both inventory categories showed an increased number of homes listed for sale. By the end of August, GLVAR reported 11,327 single-family homes listed for sale without any sort of pending or contingent offer and another 3,026 such condos and townhomes. For single-family homes, that’s an increase of 11.9 percent from July’s inventory total and an increase of 32.0 percent from August 2009. For condos and townhomes, the inventory without offers in August increased by 4.6 percent from last month and 18.9 percent from last year. As for the larger, or gross, number of listings on GLVAR’s Multiple Listing Service, GLVAR reported a total of 22,624 single-family homes listed for sale at the end of August. That’s up 4.0 percent from July and up 7.7 percent from one year ago. GLVAR reported 6,006 condos and townhomes listed for sale on its MLS at the end of August. That’s down 0.5 percent from July but up 9.0 percent from one year ago. This month’s GLVAR statistics include activity through the end of August 2010. GLVAR distributes such statistics each month based on data collected through its Multiple Listing Service, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. Other highlights reported by GLVAR include: <ul> <li>The total number of local single-family homes sold in August was 2,819. That’s down 4.4 percent from 2,948 in July and down 12.7 percent from 3,229 in August 2009.</li> <li>The total number of condos and townhomes sold in August was 819, up 2.4 percent from 800 sales in July and up 1.1 percent from 810 such sales one year ago.</li> <li>The value of local real estate transactions tracked through the MLS during August decreased by 2.3 percent for homes, from more than $487 million in July to more than $476 million in August. For condos and townhomes, the total value of all sales was more than $73 million in August, up 1.8 percent from nearly $72 million in July. Compared to one year ago, total sales volumes in August were down 10.4 percent for homes and down 5.4 percent for condos and townhomes.</li> <li>Through August, 68.1 percent of all single-family homes and 66.3 percent of all condos and townhomes sold within 60 days. That compares to July, when 69.5 percent of all single-family homes and 74.4 percent of all condos and townhomes sold within 60 days.</li> </ul>

GLVAR reports lower home sales, prices

Local housing statistics released today by the Greater Las Vegas Association of REALTORS® (GLVAR) show a decline in home sales and prices between June and July. GLVAR President Rick Shelton, a longtime local REALTOR®, said this month’s statistics are another sign that the local housing market may be “bouncing along the bottom.” “There’s no need for alarm,” Shelton said of this month’s statistics. “Our slight sales volume decrease is matching the increase we saw in the previous several months, due most certainly to the federal homebuyers tax credit. The tax credit expired at the end of April, bringing with it about a 12 percent falloff in sales. With all-time low interest rates and our hyper-deflated prices here in Las Vegas, we would hope not to see much more of an impact on sales volume.” The median single-family home price in Southern Nevada during July was $135,000, down 3.6 percent from $140,000 in June and down 2.7 percent from July 2009. Shelton noted that July was a departure from the previous three months, when local median home prices had been either stable or increasing slightly compared to the same month in 2009. The median price of local condominiums and townhomes sold in July was $68,000. That’s down 2.9 percent from $70,000 in June, but up 1.5 percent from $67,000 one year ago. Reversing a trend that had held steady through 2010, GLVAR reported a monthly decrease in short sales and an increase in sales involving foreclosed homes. In February, 22 percent of all existing homes sold in Southern Nevada were short sales. That number increased to 25 percent in March to 27 percent in April to 29 percent in May to a high of 34 percent in June to 31 percent in July. Meanwhile, Shelton said bank-owned homes accounted for 53 percent of all local home sales in February, falling to 50 percent in March to 43 percent in April to 40 percent in May to 38 percent in June before inching back up to 42 percent in July. According to the GLVAR, the total number of local homes, condominiums and townhomes sold in July was 3,748. That’s down from 4,265 in June and down from 4,602 one year ago. Shelton said the percentage of local homes purchased with cash went up last month, increasing from 42.5 percent of all sales in June to 45.9 percent in July. Shelton said buyers are continuing to benefit from increases in the total number of homes listed for sale and the number of homes listed without any sort of pending offer. July marked the third straight month that both inventory categories showed an increased number of homes listed for sale. By the end of July, GLVAR reported 10,126 single-family homes listed for sale without any sort of pending or contingent offer and another 2,894 such condos and townhomes. That’s up 10.4 percent for homes and 6.8 percent for condos compared to June. As for the larger, or gross, number of listings on GLVAR’s Multiple Listing Service, GLVAR reported a total of 21,750 single-family homes listed for sale at the end of July. That’s up 1.8 percent from 21,361 single-family homes listed for sale at the end of June and up 6.5 percent from 20,423 homes listed one year ago. GLVAR reported 6,036 condos and townhomes listed for sale on its MLS at the end of July. That’s up 0.6 percent from 5,998 such listings in June and up 12.2 percent from 5,378 such listings one year ago. This month’s GLVAR statistics include activity through the end of July 2010. GLVAR distributes such statistics each month based on data collected through its Multiple Listing Service, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. Other highlights reported by GLVAR include: <ul> <li>The total number of local single-family homes sold in July was 2,948. That’s down 12.3 percent from 3,360 in June and down 21.1 percent from 3,738 in July 2009.</li> </ul> <ul> <li>The total number of condos and townhomes sold in July was 800, down 11.6 percent from 905 in June and down 7.4 percent from 864 such sales one year ago.</li> </ul> <ul> <li>The value of local real estate transactions tracked through the MLS during July decreased 13.6 percent for homes, from more than $564 million in June to more than $487 million in July. For condo and townhome sales, the total value of all sales was nearly $72 million in July, down 12.3 percent from nearly $82 million in June sales. Compared to one year ago, total sales volumes in July were down 20.2 percent for homes and down 4.7 percent for condos and townhomes.</li> </ul> <ul> <li>Through July, 69.5 percent of all single-family homes and 74.4 percent of all condos and townhomes sold within 60 days. That compares favorably to June, when 68.1 percent of all single-family homes and 72.3 percent of all condos and townhomes sold within 60 days. Homes continue to sell faster than they did one year ago.</li> </ul>

GLVAR reports monthly increase in local home sales and inventory

Local housing statistics released today by the Greater Las Vegas Association of REALTORS® (GLVAR) show home sales and inventory increased while prices dipped between May and June. GLVAR President Rick Shelton, a longtime local REALTOR®, said the local housing market “seems to be taking one step back for every two steps forward.” “To really rebound from the downturn of the past few years, we need to see home sales, inventory and prices all pointing in a positive direction for an extended period of time,” he said. “For the most part, two of these three key factors have been in place. We just need prices to go up consistently.” The median single-family home price in Southern Nevada during June was $140,000, down 1.4 percent from May’s $142,000. That matched the median price in June 2009, marking the third straight month GLVAR reported year-over-year home prices either being stable or increasing. The median price of local condominiums and townhomes sold in June was $70,000, down 2.8 percent from $72,000 the previous month, but up 6.1 percent from $66,000 the previous year. Like past months, GLVAR reported an increase in short sales and a decrease in sales involving foreclosed homes. In February, 22 percent of all existing homes sold in Southern Nevada were short sales. That number increased to 25 percent in March to 27 percent in April to 29 percent in May to a new high of 34 percent in June. Meanwhile, Shelton said bank-owned homes are accounting for a decreasing percentage of all local home sales, dropping from 53 percent in February to 50 percent in March to 43 percent in April to 40 percent in May to 38 percent in June. With short sales playing such a big part in the local housing market, Shelton said thousands of Nevadans seeking the federal tax credit for homebuyers were helped last week when Congress and President Obama extended the deadline from June 30 to Sept. 30 for buyers to close escrow on homes they purchased by April 30. Since short sales are generally more complex and take longer to close, he said this extension was especially important in Nevada. “Nevada REALTORS® worked closely with Sen. Harry Reid and other congressional leaders to make this happen,” he said. “An estimated 180,000 homebuyers nationwide could have lost out on this tax credit for no fault of their own if this deadline had not been extended.” According to the GLVAR, the total number of local homes, condominiums and townhomes sold in June was 4,265, up from 3,653 in May, but down from 4,702 one year ago. Shelton said the percentage of local homes purchased with cash may have peaked at just below 50 percent a few months ago, falling from 42.6 percent in May to 42.5 percent of all sales in June. With sales numbers suggesting a relatively strong demand for local homes, Shelton said buyers will benefit from increases in the total number of homes listed for sale and the number of homes listed without any sort of pending offer. As they did between April and May, both inventory categories showed an increased number of homes listed for sale in June. By the end of June, GLVAR reported 9,174 single-family homes listed for sale without any sort of pending or contingent offer and another 2,710 such condos and townhomes. That’s up 14.0 percent for homes and 11.6 percent for condos compared to May. As for the larger, or gross, number of listings on GLVAR’s Multiple Listing Service, GLVAR reported a total of 21,361 single-family homes listed for sale at the end of June. That’s up 1.0 percent from 21,143 single-family homes listed for sale at the end of May and up 3.6 percent from 20,613 homes listed one year ago. GLVAR reported 5,998 condos and townhomes listed for sale on its MLS at the end of June. That’s up 1.5 percent from 5,907 condos and townhomes listed at the end of May, and up 10.7 percent from 5,416 such listings one year ago. This month’s GLVAR statistics include activity through the end of June 2010. GLVAR distributes such statistics each month based on data collected through its Multiple Listing Service, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. Other highlights reported by GLVAR include: <div style="margin-left: 40px;">• The total number of local single-family homes sold in June was 3,360. That’s up 16.5 percent from 2,884 in May, but down 11.2 percent from 3,785 sales in June 2009. </div> <div style="margin-left: 40px;">• The total number of condos and townhomes sold in June was 905, up 17.7 percent from 769 in May, but down 1.3 percent from 917 such sales one year ago. </div> <div style="margin-left: 40px;">• The value of local real estate transactions tracked through the MLS during June increased 14.7 percent for single-family homes, from nearly $492 million in May to more than $564 million in June. For condo and townhome sales, the total value of all sales was nearly $82 million, up 15.6 percent from nearly $71 million in May sales. Compared to one year ago, total sales volumes in June were down 11.0 percent for homes, but up 4.0 percent for condos and townhomes. </div> <div style="margin-left: 40px;">• Through June, 68.1 percent of all single-family homes and 72.3 percent of all condos and townhomes sold within 60 days. That compares to May, when 67.1 percent of all single-family homes and 71.3 percent of all condos and townhomes sold within 60 days. Homes are also selling faster than they did one year ago, when 61.7 percent of all single-family homes and 57.2 percent of all condos and townhomes sold within 60 days.</div> Contact: George McCabe, B&P (702) 967-2222 or 325-7358

GLVAR leaders meet members of Congress on Capitol Hill, urge them to continue helping Nevada homeowners

LAS VEGAS – Leaders of the Greater Las Vegas Association of REALTORS® met with U.S. Senate Majority Leader Harry Reid and other members of Nevada’s congressional delegation this week in Washington, D.C., sharing their views on key real estate issues and urging members of Congress to continue helping homeowners. They were in nation’s capital as part of the National Association of REALTORS® Mid-year Legislative Meetings & Trade Expo, held May 10-15. During the meetings, hundreds of REALTORS® from across the country gathered with public policy officials, industry representatives and academic leaders to generate solutions for the challenges facing today’s real estate market and the overall economy. “These meetings are important, not only to address the challenges facing our real estate market in Nevada, but also to make lawmakers and other national leaders aware of the challenges people are facing when it comes to homeownership,” said GLVAR President Rick Shelton. Meetings between GLVAR leaders and Nevada’s congressional delegation focused on issues vital to the real estate market in Southern Nevada, including ensuring that homeowners have access to affordable property insurance, reforming the secondary mortgage market so that financing remains available and affordable for people who want to buy a home, ensuring that the Federal Housing Administration continues to help first-time buyers become homeowners, making the higher loan limits established for FHA loans and mortgages purchased on the secondary mortgage market permanent, and enhancing liquidity in the commercial real estate market. “Many first-time homebuyers rely on FHA loans to buy a home,” Shelton said. “Because of its vital role in helping families achieve the dream of homeownership, we believe FHA should be strengthened and supported.” Shelton added that REALTORS® also believe the federal government should continue to play a key role in the secondary mortgage market and should make permanent the current Fannie Mae, Freddie Mac and FHA loan limits. As for commercial real estate issues, Shelton said the real estate industry leaders from Nevada reminded members of Congress “that commercial real estate is the basis for much of the growth in the American economy, and right now many property owners are underwater.” As a result, he said leaders from GLVAR and its Commercial Alliance Las Vegas urged lawmakers to increase the cap on credit union business lending to help commercial real estate owners refinance their properties. National Association of REALTORS® President Vicki Cox Golder praised staff and board members from GLVAR and other associations around the country for their efforts. “NAR is a leading advocate for housing issues, and our members are working hard here in D.C. and in their communities to make sure the issues that matter most for homebuyers, sellers and real estate investors in their local areas are heard,” said Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz.

GLVAR reports first year-over-year increase in home prices since 2007

Local housing statistics released today by the Greater Las Vegas Association of REALTORS® (GLVAR) showed local home prices increased in April compared to the previous month and increased on a year-over-year basis for the first time in more than three years. GLVAR President and longtime local REALTOR® Rick Shelton said the median price of a single-family home sold in Southern Nevada during April was $142,000. That’s an increase of 4.4 percent from $136,000 in March and an increase of 0.2 percent from $141,720 in April 2009. He said this is the first time GLVAR has reported a year-over-year increase in the median price since February 2007, when the median sales price of a local single-family home was $310,000. April’s median price of $142,000 was also the highest median sales price since March of 2009. “We don’t want to make too much of this just yet, but this is obviously good news for homeowners who want to see prices appreciate,” Shelton said. “One factor in April’s price increase was the federal tax credit for homebuyers, which expired April 30 and prompted many people to buy before the deadline. This fueled an already strong demand for homes here in Southern Nevada and may have pushed up home prices, which had already been fairly stable month after month.” As in past months, GLVAR reported a continued increase in short sales and decrease in sales involving foreclosed homes. In February, 22 percent of all existing homes sold in Southern Nevada were short sales. That number increased to 25 percent in March and climbed to 27 percent in April. At the same time, Shelton said bank-owned homes are accounting for a decreasing percentage of all local home sales, dropping from 53.0 percent in February to 50.0 percent in March to 43.0 percent in April. Shelton said this shift is being supported by government efforts to encourage short sales over foreclosures and lenders being more willing to work with homeowners to work out short sales as an alternative to foreclosing on homes. Shelton said the percentage of local homes being purchased with cash continues to remain high, though that percentage slipped from 43.8 percent in March to 43.3 percent of all sales in April. According to the GLVAR, the total number of local homes, condominiums and townhomes sold in April was 3,738. That’s down from 3,989 sales in March and down from 3,925 one year ago. By the end of April, GLVAR reported 7,207 single-family homes listed for sale without any sort of pending or contingent offers and another 2,278 such condos and townhomes. That’s down 5.0 percent for homes and down 0.3 percent for condos compared to March. As for the larger, or gross, number of listings on GLVAR’s Multiple Listing Service, GLVAR reported a total of 20,875 single-family homes listed for sale at the end of April. That’s up 1.6 percent from 20,548 in March, but down 5.6 percent from 22,112 homes listed one year ago. GLVAR reported 5,750 condos and townhomes listed for sale on its MLS at the end of April, up 1.6 percent from 5,658 such listings in March, and up 0.5 percent from 5,724 such listings one year ago. This month’s GLVAR statistics include activity through the end of April 2010. GLVAR distributes such statistics each month based on data collected through its Multiple Listing Service, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. Other highlights reported by GLVAR include: <ul> <li>The total number of local single-family homes sold in April was 2,951. That’s down 7.1 percent from 3,175 in March and down 7.7 percent from 3,198 sold in April 2009.</li> </ul> <ul> <li>The total number of condos and townhomes sold in April was 787, down 3.3 percent from 814 in March, but up 8.3 percent from 727 such sales one year ago.</li> </ul> <ul> <li>The value of local real estate transactions tracked through the MLS during April decreased 4.2 percent from more than $533 million worth of single-family home sales in March to more than $511 million in April and decreased 6.4 percent from nearly $76 million in condo and townhome sales in March to nearly $71 million in April. Compared to one year ago, total sales volumes in April were down 3.9 percent for homes, but up 15.7 percent for condo and townhome properties.</li> </ul> <ul> <li>Through April, 68 percent of all local single-family homes and 68.9 percent of all condos and townhomes sold within 60 days. That compares to March, when 65.6 percent of all homes and 70.5 percent of all condos and townhomes sold within 60 days. Homes are still selling faster than they did one year ago, when 60.1 percent of all single-family homes and 52.5 percent of all condos and townhomes sold within 60 days.</li> </ul>

GLVAR helps first 1,000 local REALTORS earn short sale designation

LAS VEGAS – More than 1,000 local REALTORS® have become designated in handling short sales and foreclosures since the Greater Las Vegas Association of REALTORS® (GLVAR) began offering courses on these increasingly important topics less than four months ago. GLVAR President Rick Shelton said this Short Sales and Foreclosure Resource designation, or SFR for short, has “generated a huge response” from GLVAR members who recognize that short sales and foreclosures are driving the local housing market. “The number of members who’ve earned this voluntary designation in such a short time shows that local REALTORS® are keeping up with the demands and trends of our housing market and making sure they’re educated about how to handle these complex transactions,” Shelton said. “Ultimately, this sort of continuing education is another reason for people to work with a REALTOR®.” The GLVAR course is called “Short Sales and Foreclosures: What Real Estate Professionals Need to Know.” It was specifically designed to show how real estate agents can serve as a resource for sellers and buyers of distressed properties. It recognizes that current economic conditions have led to increased mortgage defaults, foreclosures and short sales – which occur when a home sells for less than what the borrower owes on the mortgage. According to national delinquency surveys from the Mortgage Bankers Association (MBA), the percentage of mortgage defaults and home loans in foreclosure reached an all-time high of more than 12 percent in the first quarter of 2009. Realty Trac, a firm that monitors foreclosure activity, has found that Southern Nevada has one of the nation’s highest foreclosure rates in recent years. Shelton said short sales and foreclosures present a number of challenges for real estate agents. In short sales, these include long timelines, increased documentation and multiple approvals. In foreclosures, they include dealing with properties in disrepair and a lack of inventory in some markets. “We need to continue playing a valuable role in helping homeowners and homebuyers navigate these transactions,” he added. “This, in turn, is helping the housing market recover.” REALTORS® can register for the course at <a href="http://www.lasvegasrealtor.com">www.lasvegasrealtor.com</a> or at (702) 784-5000. Contact: George McCabe, B&P (702) 967-2222 or 325-7358

GLVAR organizing REALTOR Open House Weekend April 10-11

Part of nationwide campaign to help homeowners seize tax credit and historic time to buy a home Rick Shelton, president of the Greater Las Vegas Association of REALTORS® (GLVAR), said hundreds of GLVAR members are expected to join thousands of others around the country in participating in the first annual REALTOR® Nationwide Open House Weekend, to be held April 10-11. “We expect to see hundreds of open houses at homes listed for sale all over Southern Nevada,” Shelton said. “We’ve never done anything like this and are hoping to make it an annual event.” He said the nationwide open house event provides “a back-to-basics opportunity” for REALTORS® to connect with potential buyers and future clients “who should realize what a rare opportunity they have right now to buy a home, especially here in the Las Vegas area.” Shelton said home shoppers are encouraged just to look and won’t be pressured to buy. Instead, he said, “They will find REALTORS® at these open houses who can answer their questions on homeownership, the local housing market and ins and outs of buying and selling homes.” “It’s really a great opportunity for sellers to get more exposure for their home,” he said. “At the same time, it’s an opportunity for homebuyers to shop for a home while mortgage interest rates are still low, choices are plentiful and home prices are lower than they’ve been in years. It also helps us remind people that federal tax credits for first-time and repeat homebuyers will expire on April 30.” GLVAR members, homebuyers and sellers are encouraged to participate in this free event. Shelton said GLVAR will be providing signature blue REALTOR® “R” balloons for participating agents to tie to their open house signs. It will also be promoting the Open House Weekend throughout Southern Nevada through communication to its nearly 12,500 local members, via traditional and social media and at all GLVAR events. All open houses on April 10 and 11 will be featured in GLVAR’s Multiple Listing Service and displayed on the home page of <a href="http://www.LasVegasRealtor.com">www.LasVegasRealtor.com</a>. Contact: George McCabe, B&P (702) 967-2222 or 325-7358

GLVAR President Sees Signs of Stability in Latest Local Housing Numbers

Local housing statistics released today by the Greater Las Vegas Association of REALTORS® (GLVAR) showed single-family home prices staying about the same as previous months and home sales continuing to increase compared to the previous year. GLVAR President and longtime local REALTOR® Rick Shelton characterized February’s sales figures as fairly solid, especially for what he said is traditionally a slow time of year for home sales. “Most experts are forecasting that the 2010 housing market will look very much like it did in 2009. We tend to agree,” he said. “So, when you see our home prices staying fairly flat and sales still going up substantially from one year ago, that’s not bad. We’ll take it.” Shelton pointed out that the total number of local homes listed for sale increased slightly from January to February, but that the number of homes that are actually available with no pending or contingent offer on them decreased slightly. He said the Southern Nevada housing market could actually benefit from an increased supply of available homes to meet the steady demand. “Sales are relative to inventory,” Shelton said. “I think we need more selection to fuel more sales. If you look at the number of homes that are really available and our current sales pace, we really only have about a three-month supply of homes on the market. I think buyers want more selection.” As in recent months, Shelton also saw positive developments in the continued increase in short sales and decrease in sales involving foreclosed homes. In January, 21.1 percent of all existing homes sold in Southern Nevada were short sales. That number increased to 22 percent in February. At the same time, Shelton said bank-owned homes accounted for a decreasing percentage of all local home sales, dropping from 57.4 percent of all sales in January to 53 percent in February. He said lenders are becoming more willing to work with homeowners and work out short sales as an alternative to foreclosing on homes. Shelton said the percentage of local homes purchased with cash continues to set GLVAR records, jumping from 40.4 percent in December to 45.5 percent in January to 48.7 percent in February. According to the GLVAR, the total number of local homes, condominiums and townhomes sold in February was 3,075, down from 3,266 in January, but up from 2,730 in February 2009. In February, GLVAR reported the median price of single-family homes sold in Southern Nevada was $135,694, up 0.6 percent from $134,925 in January, but down 12.8 percent from one year ago. The median price for condos and townhomes decreased 5.8 percent, from $69,000 in January to $65,000 in February. That’s down 13.3 percent from $75,000 one year ago. As for the number of homes listed for sale, GLVAR reported 7,974 single-family homes listed for sale without any sort of pending or contingent offer and another 2,255 such condos and townhomes. That’s down 1.6 percent for homes and down 1.0 percent for condos compared to January, when there were 8,107 single-family homes and another 2,277 condos and townhomes listed without an offer. As for the larger, or gross, number of listings on GLVAR’s Multiple Listing Service, GLVAR reported a total of 20,262 single-family homes listed for sale at the end of February. That’s up 2.6 percent from 19,742 in January, but down 8.5 percent from 22,142 homes listed one year ago. GLVAR reported 5,495 condos and townhomes listed for sale on its MLS at the end of February, up 2.1 percent from 5,380 condos and townhomes listed at the end of January, but down 3.4 percent from 5,686 such units listed one year ago. This month’s GLVAR statistics include activity through the end of February 2010. GLVAR distributes such statistics each month based on data collected through its Multiple Listing Service, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. Other highlights reported by GLVAR include: <ul> <li>The total number of local single-family homes sold in February was 2,390, down 8.4 percent from 2,608 sales in January, but up 4.5 percent from one year ago.</li> </ul> <ul> <li>The total number of condos and townhomes sold in February was 685, up 4.1 percent from 658 in January and up 55.0 percent from 442 such sales a year ago.</li> </ul> <ul> <li>The value of local real estate transactions tracked through the MLS during February decreased 6.3 percent to nearly $403 million worth of single-family home sales and decreased 3.9 percent to nearly $59 million in condo and townhome sales. That compares to January, when GLVAR reported nearly $430 million worth of home sales and more than $61 million in condo sales. Compared to one year ago, February’s total sales values are down 4.5 percent for homes, but up 40.3 percent for condo and townhome properties.</li> </ul> <ul> <li>Through February, 65.3 percent of all local single-family homes and 72.8 percent of all condos and townhomes sold within 60 days. That compares to January, when 71 percent of all local single-family homes and 75.4 percent of all condos and townhomes sold within 60 days.</li> </ul>

GLVAR awards $20,000 grant to Housing Help for Nevada

LAS VEGAS – As part of its ongoing commitment to helping local homeowners facing tough times, the Greater Las Vegas Association of REALTORS® (GLVAR) has donated $20,000 to Housing Help for Nevada. GLVAR President Rick Shelton said the grant was made possible by funding GLVAR received from the National Association of REALTORS® and its Foreclosure Prevention and Response Program. Shelton thanked the Nevada Association of REALTORS®, led by CEO Rob Wigton and 2010 President Linda Rheinberger, “for their encouragement and support” in selecting and allocating the grant to Housing Help for Nevada. Housing Help for Nevada is a nonprofit agency founded to respond to Clark County’s housing crisis. Its goal is to provide safe, professional and free counseling to local homeowners facing foreclosure and other challenges, ensuring the best possible resolution for every homeowner it serves. Alisa Juni, founder and executive director of Housing Help for Nevada, will address GLVAR members at their quarterly membership luncheon on March 26. She’ll speak about loan modification programs and the criteria and eligibility for those programs. GLVAR members can register at www.lasvegasrealtor.com or by calling (702) 784-5000 by March 22.

GLVAR housing statistics show 2010 starting like 2009 ended, with home sales up from last year, stable prices, more short sales

Local housing statistics released today by the Greater Las Vegas Association of REALTORS® (GLVAR) showed the beginning of 2010 looking very much like the end of 2009, with local home prices staying about the same and home sales increasing from the previous year. GLVAR President and local REALTOR® Rick Shelton said one of the more promising trends this month was the continued increase in short sales and decrease in sales involving foreclosed homes. “In January, 21.1 percent of all existing homes sold here were short sales,” Shelton said. “That’s an increase of about 2 percent from the previous month. This suggests that lenders are more willing to work with homeowners and work out short sales as an alternative to foreclosing on homes.” At the same time, Shelton said bank-owned homes accounted for a decreasing percentage of all local home sales, dropping from 60.1 percent in December to 57.4 percent of all sales in January. Shelton said the percentage of local homes purchased with cash during January was 45.5 percent, up from 40.4 percent the previous month and the highest such percentage ever tracked by GLVAR. According to the GLVAR, the total number of local homes, condominiums and townhomes sold in January was 3,266, down from 4,196 total sales in December 2009, but up from 2,664 in January 2009. Shelton said this decline in total sales from December to January was expected since it occurs nearly every year in Southern Nevada during these months. During January, GLVAR reported the median price of single-family homes sold in Southern Nevada was $134,925, down 0.8 percent from $136,000 in December and down 15.7 percent from $160,000 one year ago. The median price for condos and townhomes increased 5.7 percent, from $65,300 in December to $69,000 in January. That’s down 13.8 percent from $80,000 one year ago. GLVAR again reported some increases in the number of homes listed for sale. It reported 8,107 single-family homes listed for sale without any sort of pending or contingent offer and another 2,277 such condos and townhomes. That’s down 3.5 percent for homes and up 25.2 percent for condos compared to December, when there were 8,405 homes and another 1,819 condos and townhomes listed for sale without an offer. As for the larger, or gross, number of listings on GLVAR’s Multiple Listing Service, GLVAR reported a total of 19,742 homes listed for sale at the end of January. That’s up 0.2 percent from 19,707 homes listed in December, but down 10.0 percent from 21,935 listed one year ago. GLVAR reported 5,380 condos and townhomes listed for sale on its MLS at the end of January, up 17.6 percent from 4,576 condos and townhomes listed on its MLS at the end of December and down 2.7 percent from 5,527 such units listed one year ago. This month’s GLVAR statistics include activity through the end of January 2010. GLVAR distributes such statistics each month based on data collected through its Multiple Listing Service, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. Other highlights reported by GLVAR include: <ul> <li>The total number of local single-family homes sold in January was 2,608, down 23.7 percent from 3,420 sales in December, but up 17.3 percent from one year ago.</li> </ul> <ul> <li>The total number of condos and townhomes sold in January was 658. That’s down 15.2 percent from 776 such sales in December, but up 49.5 percent from 440 sales a year ago.</li> </ul> <ul> <li>The value of local real estate transactions tracked through the MLS during January decreased 23.1 percent from December to nearly $430 million worth of single-family home sales but increased 2.7 percent to more than $61 million in condo and townhome sales. That compares to December, when GLVAR reported nearly $559 million worth of single-family home sales and another $59 million in condo and townhome sales. Compared to one year ago, January’s total sales values are up 3.5 percent for homes and up 35.4 percent for condo and townhome properties.</li> </ul> <ul> <li>Through December, 71 percent of all local single-family homes and 75.4 percent of all condos and townhomes sold within 60 days. That compares to December, when 73.3 percent of all local single-family homes and 74.9 percent of all condos and townhomes sold within 60 days.</li> </ul> To arrange interviews with GLVAR experts, please call George McCabe at (702) 967-2222.

GLVAR hosts annual Valentine's Day toiletry drive for local charities

The Greater Las Vegas Association of REALTORS® (GLVAR) is encouraging all local REALTORS® and others to join its 10th annual toiletry supply drive to benefit homeless and abused women and children from the local  Child Haven, Safe Nest and Shade Tree Shelters.  “We’ve been donating personal care items to these shelters for a decade,” GLVAR President Rick Shelton said. “With the tough economy, we know the need is even greater this year. So, we should do all we can to help the less fortunate, especially the women and children in need served by these charities.” Shelton said these organizations need shampoo, toilet paper, feminine products, baby wipes, diapers and similar necessities. Donations are being collected from now until Feb.10 at the GLVAR office at 1750 E. Sahara Avenue, just east of Maryland Parkway. The office is open from 8 a.m. to 5 p.m., Monday through Friday. Shelton said donations will be distributed to the shelters just in time for Valentine’s Day. For more information, contact Nadine@glvar.org or call 784-5032.

At the close to a tumultuous decade, GLVAR housing statistics show 2009 was second best year ever for existing home sales in Las Vegas area

The Greater Las Vegas Association of REALTORS® (GLVAR) capped an eventful decade by releasing local housing statistics for the final month of 2009 showing that it was the second best year ever in Southern Nevada for sales of existing homes. GLVAR’s most recent statistics also showed December generally followed 2009’s trend of declining inventory and increasing sales. New GLVAR President and local REALTOR® Rick Shelton, who will lead the association during 2010, compared the past decade to a roller coaster ride. “Looking back, I think it’s safe to say that this past decade was a challenging period for the local housing market, as well as for the Las Vegas economy,” Shelton said. “I can’t imagine this new decade being anything like the one we just experienced. For 2010, we’re anticipating a more stable housing market.” According to the GLVAR, the total number of local homes, condominiums and townhomes sold in December was 4,196. Shelton said that’s up from 3,843 total housing sales in November, and up from 2,953 total sales in December 2008. Despite the continued challenges of dealing with foreclosures and short sales, Shelton said local home sales soared in 2009 as prices reached bargain levels. GLVAR reported 46,879 local housing sales in 2009. He said that’s a huge spike from 28,618 total sales in 2008 and trails only the 71,963 homes sold during the record year of 2004. During December, GLVAR reported the median price of single-family homes sold in Southern Nevada was $136,000, down 2.9 percent from $140,000 in November and down 22.3 percent from $175,000 one year ago. The median price for condos and townhomes decreased 4.0 percent, from $68,000 in November to $65,300 in December. That’s down 27.4 percent from $89,900 one year ago. Shelton said the percentage of local homes being purchased with cash during December was 40.4 percent, nearly matching November, when cash buyers accounted for 41 percent of all local sales. He added that 60.1 percent of existing home sales in December were bank-owned, down from 61 percent of all sales in November and continuing a decline that began in the latter half of 2009. GLVAR again reported declines in most categories related to the number of homes listed for sale. It reported 8,405 single-family homes listed for sale without any sort of pending or contingent offer and another 1,819 such condos and townhomes. That’s similar to November, when there were 8,385 homes and another 1,826 condos and townhomes listed for sale without an offer. As for the larger, or gross, number of listings on GLVAR’s Multiple Listing Service, GLVAR reported a total of 19,707 homes and 4,576 condos and townhomes listed at the end of November. That’s down 5.5 percent from 20,847 homes and down another 4.4 percent from 4,788 condos and townhomes listed on its MLS at the end of November. That total, or gross, inventory of single-family homes listed for sale in December is down 11 percent from 22,144 such listings one year ago. The total number of condos and townhomes listed for sale is down 16.8 percent from 5,501 such listings one year ago. This month’s GLVAR statistics include activity through the end of December 2009. GLVAR distributes such statistics each month based on data collected through its Multiple Listing Service, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. Other highlights reported by GLVAR include: · The total number of local single-family homes sold in December was 3,420, up 9.7 percent from 3,117 in November and up 36.9 percent from 2,498 in December of 2008. · The total number of condos and townhomes sold in December was 776, up 6.9 percent from 726 in November and up 70.5 percent from 455 such sales one year ago. · The value of local real estate transactions tracked through the MLS during December increased 7.2 percent for the month to nearly $559 million worth of single-family home sales and another 2.8 percent to more than $59 million in condo and townhome sales. That compares to November, when GLVAR reported more than $521 million worth of single-family home sales and nearly $58 million in condo and townhome sales. Compared to one year ago, December’s total sales values are up 9.5 percent for homes and up 15.2 percent for condo and townhome properties. · Through December, 73.3 percent of all local single-family homes and 74.9 percent of all condos and townhomes sold within 60 days. That’s down from November, when 75.3 percent of all local single-family homes and 76.9 percent of all condos and townhomes sold within 60 days. To arrange interviews with GLVAR experts, please call George McCabe at (702) 967-2222.

GLVAR MEMBERS EARN AWARDS FOR SERVICE TO COMMUNITY, ASSOCIATION

The Greater Las Vegas Association of REALTORS® (GLVAR) presented awards to eight local members who were recognized for their service to their community, their association and their profession. At its annual awards dinner on Dec. 4, GLVAR presented its REALTOR® of the Year award to longtime local REALTOR® Neil Schwartz, of Coldwell Banker Premier in Las Vegas. Schwartz, a former member of GLVAR's board of directors who continues to volunteer his time to the association and his profession, was honored for his professionalism, performance and community service. Before building a successful real estate career, Schwartz was a comic actor and professional dancer. He appeared in several of the best-known television series of the 1970s, including "All in the Family," "Happy Days," "Barney Miller," and more. Other GLVAR award winners included: - Instructor of the Year – Linda Rheinberger - Gene Nebeker Memorial Award (for professionalism and service to the GLVAR and the community) – Forrest Barbee - Ronn Reiss Award (for educational excellence and leadership) – Bill Yacobozzi - Frank Sala Award (for commitment to grassroots political action and for protecting private property rights) – JR “Buck” McElhone - Hall of Fame Awards – Judye (spelling is correct) Phebus, Devin Reiss and Woody Rossum

GLVAR HOUSING STATISTICS SHOW STABLE PRICES, SALES UP FROM LAST YEAR

Housing statistics released Tuesday by the Greater Las Vegas Association of REALTORS® (GLVAR) show local home prices remaining fairly flat while sales decreased from the previous month but increased dramatically compared to one year ago. According to the GLVAR, the total number of local homes, condominiums and townhomes sold in November was 3,843. GLVAR President and local REALTOR® Sue Naumann said that’s down from 4,385 total housing sales in October, but up from 2,575 total sales in November 2008. “Home sales and activity traditionally slow down around the holidays, so we may see similar trends in the next month or two,” Naumann said. “As in past months, most buyers are either investors or first-time homebuyers. We’re hoping to see more move-up buyers in the coming months, thanks in part to the federal government extending the tax credit for first-time homebuyers and expanding it to include repeat buyers.” GLVAR reported the median price of single-family homes sold in Southern Nevada during November was $140,000, up 0.6 percent from $139,100 in October. The median price for condominiums and townhomes decreased 2.9 percent, from $70,000 in October to $68,000 in November. Naumann said the percentage of local homes being purchased with cash during November was 41 percent, nearly matching October, when cash buyers accounted for 41.7 percent of all local sales. The percentage of sales involving bank-owned properties also continued to level off, as it has in recent months. She said 61 percent of all sales in November were bank-owned, down from 64.5 percent of all sales in October. GLVAR reported declines in most categories related to the number of homes listed for sale. Its statistics on local homes listed for sale without offers showed 8,385 such single-family homes and another 1,826 such condos and townhomes. That’s up overall from October, when there were 8,075 homes and another 1,884 condos and townhomes listed for sale without any sort of offer. As for the larger, or gross, number of listings on GLVAR’s Multiple Listing Service, GLVAR reported a total of 20,847 homes and 4,788 condos and townhomes listed at the end of November. That’s down from 20,998 homes and 4,906 condos and townhomes listed on its MLS at the end of October. That total, or gross, inventory of single-family homes listed for sale in November is down 8.4 percent from 22,770 such listings one year ago. The total, or gross, number of condos and townhomes listed for sale is down 14.1 percent from 5,573 such listings one year ago. This month’s GLVAR statistics include activity through the end of November. The association distributes such statistics each month based on data collected through its Multiple Listing Service, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. This month’s highlights include: - The total number of local single-family homes sold in November was 3,117, down 11.8 percent from 3,535 in October, but up 42.8 percent from 2,183 in November of 2008. - The total number of condos and townhomes sold in November was 726, down 14.6 percent from 850 in October, but up 85.2 percent from 392 such sales one year ago. - The median price of a single-family home sold in Southern Nevada in November was $140,000, up 0.6 percent from $139,100 in October and down 24.7 percent from $186,000 one year ago. - For condos and townhomes, the median sales price fell 2.9 percent from $70,000 in October to $68,000 in November. That’s down 25.1 percent from $90,750 one year ago. - The value of local real estate transactions tracked through the MLS during November decreased 10.5 percent to more than $521 million worth of single-family home sales and decreased another 22.3 percent to nearly $58 million in condo and townhome sales. That compares to October, when GLVAR reported more than $582 million worth of single-family home sales and more than $74 million in condo and townhome sales. Compared to one year ago, November’s total sales values are up 2.8 percent for homes and up 41.6 percent for condo and townhome properties. - Through November, 75.3 percent of all local single-family homes and 76.9 percent of all condos and townhomes sold within 60 days. That’s up from October, when 74.5 percent of all homes and 74.3 percent of all condos and townhomes sold within 60 days. To arrange interviews with GLVAR experts, please call George McCabe at (702) 967-2222.

GLVAR statistics show local home prices, sales bouncing back

Housing statistics released Friday by the Greater Las Vegas Association of REALTORS® (GLVAR) show local home prices and sales bouncing back after declining the previous month. According to the GLVAR, the total number of local homes, condominiums and townhomes sold in September was 4,217. GLVAR President Sue Naumann said that’s up from 4,039 total sales in August, indicating strong demand for homes in Southern Nevada, especially among investors and first-time homebuyers. GLVAR statistics show the median price of single-family homes sold in Southern Nevada in September increased from $135,500 in August to $138,000 in September. Meanwhile, median prices for condominiums and townhomes dipped slightly from $66,288 to $65,720 during the same time period. “Local home sales are staying strong thanks largely to two types of buyers,” said local REALTOR® and GLVAR President Sue Naumann. “An increasing number of buyers are rushing to capitalize on the federal tax credit for first-time homebuyers. This credit of up to $8,000 but is due to expire on Dec. 1 unless Congress extends it. At the same time, we’re seeing a record number of cash buyers, who now account for about 44 percent of all sales here in Southern Nevada. Most of these cash buyers are considered investors.” She added that bank-owned properties are still driving the local housing market, accounting for a substantial but declining percentage of all local housing sales in September. In August, GLVAR began including a new category in its monthly statistics intended to more accurately measure the number of homes actually available for purchase. This newly compiled set of statistics shows how many local homes without offers are currently listed for sale. In September, this new inventory statistic shows 7,909 such single-family homes and another 2,060 condos and townhomes listed for sale. That’s down from 8,579 single-family homes and another 2,545 condos and townhomes listed for sale in August without any sort of offer on those properties. That compares to the larger, or gross, number of 20,801 homes and 5,180 condos and townhomes listed on GLVAR’s Multiple Listing Service (MLS) at the end of September. That’s down from 20,999 homes and 5,508 condos and townhomes listed at the end of August. This month’s GLVAR statistics include activity through the end of September. The association distributes such statistics each month based on data collected through its Multiple Listing Service, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. This month’s highlights include: · The total number of local single-family homes sold in September was 3,358, up 4.0 percent from 3,229 in August and up 20.7 percent from 2,783 in September 2008. · The total number of condos and townhomes sold in September was 859, up 6.0 percent from 810 in August and up 122.5 percent from 386 such sales one year ago. · The median price of a single-family home sold in the Las Vegas area in September was $138,000, up 1.8 percent from $135,500 in August. That’s down 29.2 percent from $195,000 one year ago. · For condos and townhomes, the median sales price decreased slightly for the second consecutive month, declining 0.9 percent from $66,288 in August to $65,720 in September. That’s down 45 percent from $119,450 one year ago. · The total, or gross, number of local single-family homes listed for sale through September decreased 0.9 percent to 20,801, compared to 20,999 homes listed for sale in August. That inventory of homes is down 8.7 percent from 22,784 total listings one year ago. The total, or gross, number of condos and townhomes listed for sale dropped 6.0 percent from 5,508 in August to 5,180 in September. That’s down 4.2 percent from 5,409 one year ago. · The value of local real estate transactions tracked through the MLS during September increased by 6.0 percent to nearly $564 million for single-family homes. That compares to nearly $532 million worth of single-family homes sold in August. That’s down 12.2 percent from one year ago. Nearly $72 million worth of local condo and townhome properties sold during September, down 7.0 percent from more than $77 million worth of such properties sold in August. That’s up 26.2 percent from one year ago. · Through September, 74.3 percent of all single-family homes and 75.4 percent of all condos and townhomes sold within 60 days. That compares to August, when 69.4 percent of all single-family homes and 69.2 percent of all condos and townhomes sold within 60 days. To arrange interviews with GLVAR experts, please call George McCabe at (702) 967-2222.

GLVAR statistics show slight dip in local home sales, prices REALTORS® introduce new stat on inventory of homes for sale

Housing statistics released Thursday by the Greater Las Vegas Association of REALTORS® (GLVAR) show local homes still selling at a brisk pace, but at a slightly slower rate and at lower prices than the previous month. According to the GLVAR, the total number of local homes, condominiums and townhomes sold in August was 4,039. GLVAR President Sue Naumann said that’s down from 4,602 total sales in July, but still represents a strong sales month by historical standards. GLVAR statistics show the median price of single-family homes sold in Southern Nevada in August dipped by 2.4 percent from July, while median prices for condominiums and townhomes declined by 1.1 percent during the same time period. “Local home sales and prices went down a bit this month,” said local REALTOR® and GLVAR President Sue Naumann. “Still, these statistics indicate that the demand for homes remains high.” She added that bank-owned properties accounted for 70.5 percent of all local housing sales in August, saying “that’s a sizable percentage, but it’s actually down from the past few months.” Naumann said this month’s GLVAR statistics include a new category intended to more accurately measure the number of homes actually available for purchase. This newly compiled set of statistics shows how many local homes without offers are currently listed for sale. This new statistic shows 8,579 such single-family homes and another 2,545 condos and townhomes listed for sale in August. That compares to the larger total, or gross, number of 20,999 homes and 5,508 condos and townhomes listed on GLVAR’s Multiple Listing Service at the end of August. “It certainly is welcome news that the association has opted to start reporting available listings with and without offers this August. This essentially reflects a gross versus net view of the market,” said local real estate analyst John Restrepo, owner of the Restrepo Consulting Group research and economic consulting firm in Las Vegas. “It appears that in August only 41 percent of the nearly 21,000 total reported listings did not have an offer. This is an encouraging sign, and we look forward to seeing if the September numbers improve upon this.” This month’s GLVAR statistics include activity through the end of August. The association distributes such statistics each month based on data collected through its Multiple Listing Service (MLS), which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. This month’s highlights include: (more) GLVAR housing stats – page 2 • The total number of local single-family homes sold in August was 3,229, down 13.6 percent from 3,738 in July but up 26.9 percent from 2,545 in August 2008. • The total number of condos and townhomes sold in August was 810, down 6.3 percent from 864 in July, but up 110.4 percent from 385 such sales one year ago. • The median price of a single-family home sold in the Las Vegas area in August was $135,500. That’s down 2.4 percent from $138,800 in July and down 35.5 percent from $210,000 one year ago. • For condos and townhomes, the median sales price decreased slightly for the first time in months, declining 1.1 percent from $67,000 in July to $66,288 in August. That’s down 46.1 percent from $123,000 one year ago. • The total, or gross, number of local single-family homes listed for sale through August increased 2.8 percent to 20,999, compared to 20,423 homes listed for sale in July. That inventory of homes is down 7.5 percent from one year ago. • The total, or gross, number of condos and townhomes listed for sale also increased, up 2.4 percent from 5,378 in July to 5,508 in August. That’s up 2.2 percent from August 2008. • The value of local real estate transactions tracked through the MLS during August increased for condos and townhomes but decreased for homes. Nearly $532 million worth of single-family homes sold in August, down 13.0 percent from more than $611 million in July and down 16.4 percent from one year ago. Meanwhile, more than $77 million worth of local condo and townhome properties sold during August. That’s up 2.6 percent from more than $75 million July and up 22 percent from one year ago. • Through August, 69.4 percent of all single-family homes and 69.2 percent of all condos and townhomes sold within 60 days. That compares to July, when 65.3 percent of all single-family homes and 64.2 percent of all condos and townhomes sold within 60 days. To arrange interviews with GLVAR experts, please call George McCabe at (702) 967-2222.

GLVAR statistics show strong home sales, stable prices, fewer listings

Housing statistics released Monday by the Greater Las Vegas Association of REALTORS® (GLVAR) show local homes selling at a near-record pace at relatively stable prices, with the number of homes available for sale continuing to decline. According to the GLVAR, the total number of local homes, condominiums and townhomes sold in July was 4,602. That’s 100 fewer sales than June, which set an all-time record for local home sales in a single month. The number of sales in July still ranked as the second highest monthly total GLVAR ever recorded. GLVAR statistics show local housing prices in July were very similar to June, with the median price of a single-family home now at $138,800 and the median price of a condo or townhome at $67,000. Compared to the previous month, this represents a 0.9 percent decline in the median price of a single-family home and a 1.5 percent increase in the median price of a condo or townhome. “We didn’t set another sales record in July, but we came close. This shows that the demand for homes in the Las Vegas area right now remains very strong,” said local REALTOR® and GLVAR President Sue Naumann. “That’s a good thing for everyone involved in our local housing market. It’s also good to see prices staying about the same the past few months after falling for about two years.” Naumann added that bank-owned properties continued to drive the local housing market, accounting for about 73 percent of all home, condo and townhome sales in July. She said that’s a 1 percent decrease from June. This month’s GLVAR statistics include activity through the end of July. The association distributes such statistics each month based on data collected through its Multiple Listing Service (MLS), which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. This month’s highlights include: The total number of local single-family homes sold in July was 3,738, down 1.2 percent from 3,785 in June, but up 44.2 percent from 2,592 sales in July 2008. The total number of condos and townhomes sold in July was 864, down 5.8 percent from 917 in June, but up 141 percent from 358 such sales one year ago. The median price of a single-family home sold in the Las Vegas area in July was $138,800. That’s down 0.9 percent from $140,000 in June and down 36.9 percent from $220,000 in July 2008. For condos and townhomes, the median sales price increased slightly for the third straight month, rising 1.5 percent from $66,000 in June to $67,000 in July. That’s down 50.4 percent from $135,000 one year ago. The number of local single-family homes listed for sale through July decreased 0.9 percent to 20,423, compared to 20,613 homes listed for sale in June. That inventory of homes is down 12.8 percent from one year ago. The number of condos and townhomes listed for sale also decreased for the month, down 0.7 percent from 5,416 in June to 5,378 in July. That’s down 2.9 percent from July 2008. The value of local real estate transactions tracked through the MLS during July decreased from the previous month, totaling more than $611 million worth of single-family home sales, down 3.6 percent from nearly $634 million in June and down 7.4 percent from one year ago. More than $75 million worth of local condo and townhome properties sold during July. That’s down 4.3 percent from nearly $79 million in such sales during June and down 9.2 percent from one year ago. Through July, 65.3 percent of all single-family homes and 64.2 percent of all condos and townhomes sold within 60 days. That compares to June, when 61.7 percent of all single-family homes and 57.2 percent of all condos and townhomes sold within 60 days.

GLVAR elects new board members, officers for 2010

The Greater Las Vegas Association of REALTORS® (GLVAR) has elected new board members and officers to lead the largest professional trade organization in Southern Nevada starting in 2010. GLVAR President Sue Naumann, whose one-year term heading the association ends Dec. 31, announced the results of GLVAR’s annual election today. She said the 2010 GLVAR Board of Directors includes: President Rick Shelton, of RE/MAX Associates; President-elect Paul Bell, of Prudential Americana Group; Vice President Min Melvin, of Keller Williams Market Place; and Treasurer Paula Smith, of Realty ONE Group, Inc. Local REALTORS® elected to begin serving as directors in 2010 include: Christine McNaught, of Windermere Prestige Properties; Fafie Moore, of Realty Executives of Nevada; Trish Nash, of EXIT Realty Unlimited; Cheryl Smith, of Act 1 Realty; and David Tina, of Realty One Group, Inc. Local REALTORS® who will continue serving as directors in 2010 include: Forrest Barbee, of Prudential Americana Group; Heidi Kasama, of Prudential Americana Group; Kolleen Kelley, of Realty Executives of Nevada; Norma Opatik, of Action Realty; Debbie Zois, of Keller Williams Realty Las Vegas; and Mesquite resident Gina Lyon, who was re-elected to represent outlying areas of Clark County. Robin Civish, of Prudential CRES IPG, was elected president of the GLVAR’s Commercial Alliance and will represent commercial real estate interests on the GLVAR Board of Directors. And Scott Beaudry, of Universal Realty, Inc., was elected as the director chairing the GLVAR’s Multiple Listing Service.

GLVAR statistics reveal record number of local homes sold in June

More existing homes were sold in Southern Nevada during June than during any other month on record, according to statistics released Wednesday by the Greater Las Vegas Association of REALTORS® (GLVAR). According to the GLVAR, the total number of local homes, condominiums and townhomes sold in June 2009 was 4,702. That tops the previous record month of 4,414 total sales set in June 2004. In addition to breaking the 5-year-old housing sales record, GLVAR’s monthly statistics show local housing prices remained stable while the number of properties listed for sale continued to decline. On a monthly basis, GLVAR statistics show the median price for single-family homes sold in June mirrored May’s median price of $140,000, comparable to prices in 2001. Compared to one year ago, GLVAR reported continued declines in median housing prices in Southern Nevada. “I think it’s significant that we sold a record number of homes last month. We’ve been closing in on this mark for a few months now,” said GLVAR President and local REALTOR® Sue Naumann. “It’s good to see such strong demand for homes here in the Las Vegas area, from first-time buyers to investors. It’s also positive for our local economy and our housing market to see our home prices starting to stabilize, especially when you consider how bank-owned properties are still dominating the market and driving down prices.”  This month’s GLVAR statistics include activity through the end of June. The association distributes such statistics each month based on data collected through its Multiple Listing Service (MLS), which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. This month’s highlights include: <ul> <li>The total number of local single-family homes sold in June was 3,785, up 16.3 percent from 3,255 in May. That’s up 70.0 percent from 2,226 sales in June 2008. </li> <li>The total number of condos and townhomes sold in June was 917, up 24.4 percent from 737 in May. That’s up 211.9 percent from 294 such sales one year ago. </li> <li>The median price of a single-family home sold in the Las Vegas area in June was $140,000, unchanged from May. This current median price is down 37.8 percent compared to $225,000 in June 2008. </li> <li>For condos and townhomes, the median sales price increased slightly for the second straight month, rising 1.5 percent from $65,000 in May to $66,000 in June. That’s down 52.0 percent from $137,500 one year ago. </li> <li>The number of local homes listed for sale through June decreased 2.7 percent for single-family homes, with 20,613 listed, compared to 21,181 listed for sale in May. That inventory of homes is down 11.9 percent from one year ago. </li> <li>The number of condos and townhomes listed for sale also decreased for the month, down 2.8 percent from 5,572 in May to 5,416 in June. That’s down 2.2 percent from June 2008. </li> <li>The value of local real estate transactions tracked through the MLS during June increased 12.8 percent from the previous month, totaling nearly $634 million, up from nearly $562 million in single-family home sales in May and up 6.0 percent from one year ago. Nearly $79 million in local condo and townhome properties were sold during June, up 27.2 percent from nearly $62 million sold during May and up 73.5 percent from one year ago. </li> <li>Through June, 61.7 percent of all single-family homes and 57.2 percent of all condos and townhomes sold within 60 days. That compares to May, when 61.8 percent of all single-family homes and 55.5 percent of all condos and townhomes sold within 60 days. </li> </ul> To arrange interviews with GLVAR experts, please call George McCabe at (702) 967-2222.