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| Dec 8th, 2009 |
GLVAR HOUSING STATISTICS SHOW STABLE PRICES, SALES UP FROM LAST YEAR
For Immediate Release:
Housing statistics released Tuesday by the Greater Las Vegas Association of REALTORS® (GLVAR) show local home prices remaining fairly flat while sales decreased from the previous month but increased dramatically compared to one year ago.
According to the GLVAR, the total number of local homes, condominiums and townhomes sold in November was 3,843. GLVAR President and local REALTOR® Sue Naumann said that’s down from 4,385 total housing sales in October, but up from 2,575 total sales in November 2008.
“Home sales and activity traditionally slow down around the holidays, so we may see similar trends in the next month or two,” Naumann said. “As in past months, most buyers are either investors or first-time homebuyers. We’re hoping to see more move-up buyers in the coming months, thanks in part to the federal government extending the tax credit for first-time homebuyers and expanding it to include repeat buyers.”
GLVAR reported the median price of single-family homes sold in Southern Nevada during November was $140,000, up 0.6 percent from $139,100 in October. The median price for condominiums and townhomes decreased 2.9 percent, from $70,000 in October to $68,000 in November.
Naumann said the percentage of local homes being purchased with cash during November was 41 percent, nearly matching October, when cash buyers accounted for 41.7 percent of all local sales.
The percentage of sales involving bank-owned properties also continued to level off, as it has in recent months. She said 61 percent of all sales in November were bank-owned, down from 64.5 percent of all sales in October.
GLVAR reported declines in most categories related to the number of homes listed for sale. Its statistics on local homes listed for sale without offers showed 8,385 such single-family homes and another 1,826 such condos and townhomes. That’s up overall from October, when there were 8,075 homes and another 1,884 condos and townhomes listed for sale without any sort of offer.
As for the larger, or gross, number of listings on GLVAR’s Multiple Listing Service, GLVAR reported a total of 20,847 homes and 4,788 condos and townhomes listed at the end of November. That’s down from 20,998 homes and 4,906 condos and townhomes listed on its MLS at the end of October.
That total, or gross, inventory of single-family homes listed for sale in November is down 8.4 percent from 22,770 such listings one year ago. The total, or gross, number of condos and townhomes listed for sale is down 14.1 percent from 5,573 such listings one year ago.
This month’s GLVAR statistics include activity through the end of November. 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:
- The total number of local single-family homes sold in November was 3,117, down 11.8 percent from 3,535 in October, but up 42.8 percent from 2,183 in November of 2008.
- The total number of condos and townhomes sold in November was 726, down 14.6 percent from 850 in October, but up 85.2 percent from 392 such sales one year ago.
- The median price of a single-family home sold in Southern Nevada in November was $140,000, up 0.6 percent from $139,100 in October and down 24.7 percent from $186,000 one year ago.
- For condos and townhomes, the median sales price fell 2.9 percent from $70,000 in October to $68,000 in November. That’s down 25.1 percent from $90,750 one year ago.
- The value of local real estate transactions tracked through the MLS during November decreased 10.5 percent to more than $521 million worth of single-family home sales and decreased another 22.3 percent to nearly $58 million in condo and townhome sales. That compares to October, when GLVAR reported more than $582 million worth of single-family home sales and more than $74 million in condo and townhome sales. Compared to one year ago, November’s total sales values are up 2.8 percent for homes and up 41.6 percent for condo and townhome properties.
- Through November, 75.3 percent of all local single-family homes and 76.9 percent of all condos and townhomes sold within 60 days. That’s up from October, when 74.5 percent of all homes and 74.3 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 November was 3,843. GLVAR President and local REALTOR® Sue Naumann said that’s down from 4,385 total housing sales in October, but up from 2,575 total sales in November 2008.
“Home sales and activity traditionally slow down around the holidays, so we may see similar trends in the next month or two,” Naumann said. “As in past months, most buyers are either investors or first-time homebuyers. We’re hoping to see more move-up buyers in the coming months, thanks in part to the federal government extending the tax credit for first-time homebuyers and expanding it to include repeat buyers.”
GLVAR reported the median price of single-family homes sold in Southern Nevada during November was $140,000, up 0.6 percent from $139,100 in October. The median price for condominiums and townhomes decreased 2.9 percent, from $70,000 in October to $68,000 in November.
Naumann said the percentage of local homes being purchased with cash during November was 41 percent, nearly matching October, when cash buyers accounted for 41.7 percent of all local sales.
The percentage of sales involving bank-owned properties also continued to level off, as it has in recent months. She said 61 percent of all sales in November were bank-owned, down from 64.5 percent of all sales in October.
GLVAR reported declines in most categories related to the number of homes listed for sale. Its statistics on local homes listed for sale without offers showed 8,385 such single-family homes and another 1,826 such condos and townhomes. That’s up overall from October, when there were 8,075 homes and another 1,884 condos and townhomes listed for sale without any sort of offer.
As for the larger, or gross, number of listings on GLVAR’s Multiple Listing Service, GLVAR reported a total of 20,847 homes and 4,788 condos and townhomes listed at the end of November. That’s down from 20,998 homes and 4,906 condos and townhomes listed on its MLS at the end of October.
That total, or gross, inventory of single-family homes listed for sale in November is down 8.4 percent from 22,770 such listings one year ago. The total, or gross, number of condos and townhomes listed for sale is down 14.1 percent from 5,573 such listings one year ago.
This month’s GLVAR statistics include activity through the end of November. 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:
- The total number of local single-family homes sold in November was 3,117, down 11.8 percent from 3,535 in October, but up 42.8 percent from 2,183 in November of 2008.
- The total number of condos and townhomes sold in November was 726, down 14.6 percent from 850 in October, but up 85.2 percent from 392 such sales one year ago.
- The median price of a single-family home sold in Southern Nevada in November was $140,000, up 0.6 percent from $139,100 in October and down 24.7 percent from $186,000 one year ago.
- For condos and townhomes, the median sales price fell 2.9 percent from $70,000 in October to $68,000 in November. That’s down 25.1 percent from $90,750 one year ago.
- The value of local real estate transactions tracked through the MLS during November decreased 10.5 percent to more than $521 million worth of single-family home sales and decreased another 22.3 percent to nearly $58 million in condo and townhome sales. That compares to October, when GLVAR reported more than $582 million worth of single-family home sales and more than $74 million in condo and townhome sales. Compared to one year ago, November’s total sales values are up 2.8 percent for homes and up 41.6 percent for condo and townhome properties.
- Through November, 75.3 percent of all local single-family homes and 76.9 percent of all condos and townhomes sold within 60 days. That’s up from October, when 74.5 percent of all homes and 74.3 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.
Greater Las Vegas Association of Realtors
(702) 784-5000
(702) 784-5000