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| Mar 8th, 2011 |
GLVAR statistics show local home sales, prices rebounding in February, with cash buyer percentage still climbing
For Immediate Release:
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:
“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:
- 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.
- 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.
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