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| Sep 10th, 2009 |
GLVAR statistics show slight dip in local home sales, prices REALTORS® introduce new stat on inventory of homes for sale
For Immediate Release:
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.
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.
About the Company:
About the GLVAR
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.
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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(702) 967-2222
(702) 967-2222