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| Jul 8th, 2010 |
GLVAR reports monthly increase in local home sales and inventory
For Immediate Release:
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:
Contact:
George McCabe, B&P
(702) 967-2222 or 325-7358
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:
• 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.
• 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.
• 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.
• 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.
Contact:
George McCabe, B&P
(702) 967-2222 or 325-7358
About the Company:
GLVAR was founded in 1947 and provides its nearly 12,500 local members with education, training and political representation. The local representative of the National Association of REALTORS®, GLVAR is the largest professional organization in Southern Nevada. Each GLVAR member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit www.lasvegasrealtor.com.
Greater Las Vegas Association of Realtors
(702) 784-5000
(702) 784-5000