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| Aug 12th, 2009 |
GLVAR statistics show strong home sales, stable prices, fewer listings
For Immediate Release:
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.
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.
About the Company:
GLVAR was founded in 1947 and provides its nearly 13,500 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.
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