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| Feb 9th, 2010 |
GLVAR housing statistics show 2010 starting like 2009 ended, with home sales up from last year, stable prices, more short sales
For Immediate Release:
Local housing statistics released today by the Greater Las Vegas Association of REALTORS® (GLVAR) showed the beginning of 2010 looking very much like the end of 2009, with local home prices staying about the same and home sales increasing from the previous year.
GLVAR President and local REALTOR® Rick Shelton said one of the more promising trends this month was the continued increase in short sales and decrease in sales involving foreclosed homes.
“In January, 21.1 percent of all existing homes sold here were short sales,” Shelton said. “That’s an increase of about 2 percent from the previous month. This suggests that lenders are more willing to work with homeowners and work out short sales as an alternative to foreclosing on homes.”
At the same time, Shelton said bank-owned homes accounted for a decreasing percentage of all local home sales, dropping from 60.1 percent in December to 57.4 percent of all sales in January.
Shelton said the percentage of local homes purchased with cash during January was 45.5 percent, up from 40.4 percent the previous month and the highest such percentage ever tracked by GLVAR.
According to the GLVAR, the total number of local homes, condominiums and townhomes sold in January was 3,266, down from 4,196 total sales in December 2009, but up from 2,664 in January 2009. Shelton said this decline in total sales from December to January was expected since it occurs nearly every year in Southern Nevada during these months.
During January, GLVAR reported the median price of single-family homes sold in Southern Nevada was $134,925, down 0.8 percent from $136,000 in December and down 15.7 percent from $160,000 one year ago. The median price for condos and townhomes increased 5.7 percent, from $65,300 in December to $69,000 in January. That’s down 13.8 percent from $80,000 one year ago.
GLVAR again reported some increases in the number of homes listed for sale. It reported 8,107 single-family homes listed for sale without any sort of pending or contingent offer and another 2,277 such condos and townhomes. That’s down 3.5 percent for homes and up 25.2 percent for condos compared to December, when there were 8,405 homes and another 1,819 condos and townhomes listed for sale without an offer.
As for the larger, or gross, number of listings on GLVAR’s Multiple Listing Service, GLVAR reported a total of 19,742 homes listed for sale at the end of January. That’s up 0.2 percent from 19,707 homes listed in December, but down 10.0 percent from 21,935 listed one year ago. GLVAR reported 5,380 condos and townhomes listed for sale on its MLS at the end of January, up 17.6 percent from 4,576 condos and townhomes listed on its MLS at the end of December and down 2.7 percent from 5,527 such units listed one year ago.
This month’s GLVAR statistics include activity through the end of January 2010. GLVAR 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.
Other highlights reported by GLVAR include:
To arrange interviews with GLVAR experts, please call George McCabe at (702) 967-2222.
GLVAR President and local REALTOR® Rick Shelton said one of the more promising trends this month was the continued increase in short sales and decrease in sales involving foreclosed homes.
“In January, 21.1 percent of all existing homes sold here were short sales,” Shelton said. “That’s an increase of about 2 percent from the previous month. This suggests that lenders are more willing to work with homeowners and work out short sales as an alternative to foreclosing on homes.”
At the same time, Shelton said bank-owned homes accounted for a decreasing percentage of all local home sales, dropping from 60.1 percent in December to 57.4 percent of all sales in January.
Shelton said the percentage of local homes purchased with cash during January was 45.5 percent, up from 40.4 percent the previous month and the highest such percentage ever tracked by GLVAR.
According to the GLVAR, the total number of local homes, condominiums and townhomes sold in January was 3,266, down from 4,196 total sales in December 2009, but up from 2,664 in January 2009. Shelton said this decline in total sales from December to January was expected since it occurs nearly every year in Southern Nevada during these months.
During January, GLVAR reported the median price of single-family homes sold in Southern Nevada was $134,925, down 0.8 percent from $136,000 in December and down 15.7 percent from $160,000 one year ago. The median price for condos and townhomes increased 5.7 percent, from $65,300 in December to $69,000 in January. That’s down 13.8 percent from $80,000 one year ago.
GLVAR again reported some increases in the number of homes listed for sale. It reported 8,107 single-family homes listed for sale without any sort of pending or contingent offer and another 2,277 such condos and townhomes. That’s down 3.5 percent for homes and up 25.2 percent for condos compared to December, when there were 8,405 homes and another 1,819 condos and townhomes listed for sale without an offer.
As for the larger, or gross, number of listings on GLVAR’s Multiple Listing Service, GLVAR reported a total of 19,742 homes listed for sale at the end of January. That’s up 0.2 percent from 19,707 homes listed in December, but down 10.0 percent from 21,935 listed one year ago. GLVAR reported 5,380 condos and townhomes listed for sale on its MLS at the end of January, up 17.6 percent from 4,576 condos and townhomes listed on its MLS at the end of December and down 2.7 percent from 5,527 such units listed one year ago.
This month’s GLVAR statistics include activity through the end of January 2010. GLVAR 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.
Other highlights reported by GLVAR include:
- The total number of local single-family homes sold in January was 2,608, down 23.7 percent from 3,420 sales in December, but up 17.3 percent from one year ago.
- The total number of condos and townhomes sold in January was 658. That’s down 15.2 percent from 776 such sales in December, but up 49.5 percent from 440 sales a year ago.
- The value of local real estate transactions tracked through the MLS during January decreased 23.1 percent from December to nearly $430 million worth of single-family home sales but increased 2.7 percent to more than $61 million in condo and townhome sales. That compares to December, when GLVAR reported nearly $559 million worth of single-family home sales and another $59 million in condo and townhome sales. Compared to one year ago, January’s total sales values are up 3.5 percent for homes and up 35.4 percent for condo and townhome properties.
- Through December, 71 percent of all local single-family homes and 75.4 percent of all condos and townhomes sold within 60 days. That compares to December, when 73.3 percent of all local single-family homes and 74.9 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 12,500 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) 967-2222 ext.3257358
(702) 967-2222 ext.3257358