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| Oct 9th, 2009 |
GLVAR statistics show local home prices, sales bouncing back
For Immediate Release:
Housing statistics released Friday by the Greater Las Vegas Association of REALTORS® (GLVAR) show local home prices and sales bouncing back after declining the previous month.
According to the GLVAR, the total number of local homes, condominiums and townhomes sold in September was 4,217. GLVAR President Sue Naumann said that’s up from 4,039 total sales in August, indicating strong demand for homes in Southern Nevada, especially among investors and first-time homebuyers.
GLVAR statistics show the median price of single-family homes sold in Southern Nevada in September increased from $135,500 in August to $138,000 in September. Meanwhile, median prices for condominiums and townhomes dipped slightly from $66,288 to $65,720 during the same time period.
“Local home sales are staying strong thanks largely to two types of buyers,” said local REALTOR® and GLVAR President Sue Naumann. “An increasing number of buyers are rushing to capitalize on the federal tax credit for first-time homebuyers. This credit of up to $8,000 but is due to expire on Dec. 1 unless Congress extends it. At the same time, we’re seeing a record number of cash buyers, who now account for about 44 percent of all sales here in Southern Nevada. Most of these cash buyers are considered investors.”
She added that bank-owned properties are still driving the local housing market, accounting for a substantial but declining percentage of all local housing sales in September.
In August, GLVAR began including a new category in its monthly statistics 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. In September, this new inventory statistic shows 7,909 such single-family homes and another 2,060 condos and townhomes listed for sale. That’s down from 8,579 single-family homes and another 2,545 condos and townhomes listed for sale in August without any sort of offer on those properties.
That compares to the larger, or gross, number of 20,801 homes and 5,180 condos and townhomes listed on GLVAR’s Multiple Listing Service (MLS) at the end of September. That’s down from 20,999 homes and 5,508 condos and townhomes listed at the end of August.
This month’s GLVAR statistics include activity through the end of September. The association 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.
This month’s highlights include:
<!--[if !supportLists]-->· <!--[endif]-->The total number of local single-family homes sold in September was 3,358, up 4.0 percent from 3,229 in August and up 20.7 percent from 2,783 in September 2008.
<!--[if !supportLists]-->· <!--[endif]-->The total number of condos and townhomes sold in September was 859, up 6.0 percent from 810 in August and up 122.5 percent from 386 such sales one year ago.
<!--[if !supportLists]-->· <!--[endif]-->The median price of a single-family home sold in the Las Vegas area in September was $138,000, up 1.8 percent from $135,500 in August. That’s down 29.2 percent from $195,000 one year ago.
<!--[if !supportLists]-->· <!--[endif]-->For condos and townhomes, the median sales price decreased slightly for the second consecutive month, declining 0.9 percent from $66,288 in August to $65,720 in September. That’s down 45 percent from $119,450 one year ago.
<!--[if !supportLists]-->· <!--[endif]-->The total, or gross, number of local single-family homes listed for sale through September decreased 0.9 percent to 20,801, compared to 20,999 homes listed for sale in August. That inventory of homes is down 8.7 percent from 22,784 total listings one year ago. The total, or gross, number of condos and townhomes listed for sale dropped 6.0 percent from 5,508 in August to 5,180 in September. That’s down 4.2 percent from 5,409 one year ago.
<!--[if !supportLists]-->· <!--[endif]-->The value of local real estate transactions tracked through the MLS during September increased by 6.0 percent to nearly $564 million for single-family homes. That compares to nearly $532 million worth of single-family homes sold in August. That’s down 12.2 percent from one year ago. Nearly $72 million worth of local condo and townhome properties sold during September, down 7.0 percent from more than $77 million worth of such properties sold in August. That’s up 26.2 percent from one year ago.
<!--[if !supportLists]-->· <!--[endif]-->Through September, 74.3 percent of all single-family homes and 75.4 percent of all condos and townhomes sold within 60 days. That compares to August, when 69.4 percent of all single-family homes and 69.2 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 September was 4,217. GLVAR President Sue Naumann said that’s up from 4,039 total sales in August, indicating strong demand for homes in Southern Nevada, especially among investors and first-time homebuyers.
GLVAR statistics show the median price of single-family homes sold in Southern Nevada in September increased from $135,500 in August to $138,000 in September. Meanwhile, median prices for condominiums and townhomes dipped slightly from $66,288 to $65,720 during the same time period.
“Local home sales are staying strong thanks largely to two types of buyers,” said local REALTOR® and GLVAR President Sue Naumann. “An increasing number of buyers are rushing to capitalize on the federal tax credit for first-time homebuyers. This credit of up to $8,000 but is due to expire on Dec. 1 unless Congress extends it. At the same time, we’re seeing a record number of cash buyers, who now account for about 44 percent of all sales here in Southern Nevada. Most of these cash buyers are considered investors.”
She added that bank-owned properties are still driving the local housing market, accounting for a substantial but declining percentage of all local housing sales in September.
In August, GLVAR began including a new category in its monthly statistics 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. In September, this new inventory statistic shows 7,909 such single-family homes and another 2,060 condos and townhomes listed for sale. That’s down from 8,579 single-family homes and another 2,545 condos and townhomes listed for sale in August without any sort of offer on those properties.
That compares to the larger, or gross, number of 20,801 homes and 5,180 condos and townhomes listed on GLVAR’s Multiple Listing Service (MLS) at the end of September. That’s down from 20,999 homes and 5,508 condos and townhomes listed at the end of August.
This month’s GLVAR statistics include activity through the end of September. The association 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.
This month’s highlights include:
<!--[if !supportLists]-->· <!--[endif]-->The total number of local single-family homes sold in September was 3,358, up 4.0 percent from 3,229 in August and up 20.7 percent from 2,783 in September 2008.
<!--[if !supportLists]-->· <!--[endif]-->The total number of condos and townhomes sold in September was 859, up 6.0 percent from 810 in August and up 122.5 percent from 386 such sales one year ago.
<!--[if !supportLists]-->· <!--[endif]-->The median price of a single-family home sold in the Las Vegas area in September was $138,000, up 1.8 percent from $135,500 in August. That’s down 29.2 percent from $195,000 one year ago.
<!--[if !supportLists]-->· <!--[endif]-->For condos and townhomes, the median sales price decreased slightly for the second consecutive month, declining 0.9 percent from $66,288 in August to $65,720 in September. That’s down 45 percent from $119,450 one year ago.
<!--[if !supportLists]-->· <!--[endif]-->The total, or gross, number of local single-family homes listed for sale through September decreased 0.9 percent to 20,801, compared to 20,999 homes listed for sale in August. That inventory of homes is down 8.7 percent from 22,784 total listings one year ago. The total, or gross, number of condos and townhomes listed for sale dropped 6.0 percent from 5,508 in August to 5,180 in September. That’s down 4.2 percent from 5,409 one year ago.
<!--[if !supportLists]-->· <!--[endif]-->The value of local real estate transactions tracked through the MLS during September increased by 6.0 percent to nearly $564 million for single-family homes. That compares to nearly $532 million worth of single-family homes sold in August. That’s down 12.2 percent from one year ago. Nearly $72 million worth of local condo and townhome properties sold during September, down 7.0 percent from more than $77 million worth of such properties sold in August. That’s up 26.2 percent from one year ago.
<!--[if !supportLists]-->· <!--[endif]-->Through September, 74.3 percent of all single-family homes and 75.4 percent of all condos and townhomes sold within 60 days. That compares to August, when 69.4 percent of all single-family homes and 69.2 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:
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