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| Jul 8th, 2009 |
GLVAR statistics reveal record number of local homes sold in June
For Immediate Release:
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:
To arrange interviews with GLVAR experts, please call George McCabe at (702) 967-2222.
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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
To arrange interviews with GLVAR experts, please call George McCabe at (702) 967-2222.
About the Company:
GLVAR was founded in 1947 and provides its nearly 14,000 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.
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(702) 967-2222
(702) 967-2222