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| Mar 9th, 2010 |
GLVAR President Sees Signs of Stability in Latest Local Housing Numbers
For Immediate Release:
Local housing statistics released today by the Greater Las Vegas Association of REALTORS® (GLVAR) showed single-family home prices staying about the same as previous months and home sales continuing to increase compared to the previous year.
GLVAR President and longtime local REALTOR® Rick Shelton characterized February’s sales figures as fairly solid, especially for what he said is traditionally a slow time of year for home sales.
“Most experts are forecasting that the 2010 housing market will look very much like it did in 2009. We tend to agree,” he said. “So, when you see our home prices staying fairly flat and sales still going up substantially from one year ago, that’s not bad. We’ll take it.”
Shelton pointed out that the total number of local homes listed for sale increased slightly from January to February, but that the number of homes that are actually available with no pending or contingent offer on them decreased slightly. He said the Southern Nevada housing market could actually benefit from an increased supply of available homes to meet the steady demand.
“Sales are relative to inventory,” Shelton said. “I think we need more selection to fuel more sales. If you look at the number of homes that are really available and our current sales pace, we really only have about a three-month supply of homes on the market. I think buyers want more selection.”
As in recent months, Shelton also saw positive developments in the continued increase in short sales and decrease in sales involving foreclosed homes. In January, 21.1 percent of all existing homes sold in Southern Nevada were short sales. That number increased to 22 percent in February. At the same time, Shelton said bank-owned homes accounted for a decreasing percentage of all local home sales, dropping from 57.4 percent of all sales in January to 53 percent in February. He said lenders are becoming more willing to work with homeowners and work out short sales as an alternative to foreclosing on homes.
Shelton said the percentage of local homes purchased with cash continues to set GLVAR records, jumping from 40.4 percent in December to 45.5 percent in January to 48.7 percent in February.
According to the GLVAR, the total number of local homes, condominiums and townhomes sold in February was 3,075, down from 3,266 in January, but up from 2,730 in February 2009.
In February, GLVAR reported the median price of single-family homes sold in Southern Nevada was $135,694, up 0.6 percent from $134,925 in January, but down 12.8 percent from one year ago. The median price for condos and townhomes decreased 5.8 percent, from $69,000 in January to $65,000 in February. That’s down 13.3 percent from $75,000 one year ago.
As for the number of homes listed for sale, GLVAR reported 7,974 single-family homes listed for sale without any sort of pending or contingent offer and another 2,255 such condos and townhomes. That’s down 1.6 percent for homes and down 1.0 percent for condos compared to January, when there were 8,107 single-family homes and another 2,277 condos and townhomes listed without an offer.
As for the larger, or gross, number of listings on GLVAR’s Multiple Listing Service, GLVAR reported a total of 20,262 single-family homes listed for sale at the end of February. That’s up 2.6 percent from 19,742 in January, but down 8.5 percent from 22,142 homes listed one year ago. GLVAR reported 5,495 condos and townhomes listed for sale on its MLS at the end of February, up 2.1 percent from 5,380 condos and townhomes listed at the end of January, but down 3.4 percent from 5,686 such units listed one year ago.
This month’s GLVAR statistics include activity through the end of February 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:
GLVAR President and longtime local REALTOR® Rick Shelton characterized February’s sales figures as fairly solid, especially for what he said is traditionally a slow time of year for home sales.
“Most experts are forecasting that the 2010 housing market will look very much like it did in 2009. We tend to agree,” he said. “So, when you see our home prices staying fairly flat and sales still going up substantially from one year ago, that’s not bad. We’ll take it.”
Shelton pointed out that the total number of local homes listed for sale increased slightly from January to February, but that the number of homes that are actually available with no pending or contingent offer on them decreased slightly. He said the Southern Nevada housing market could actually benefit from an increased supply of available homes to meet the steady demand.
“Sales are relative to inventory,” Shelton said. “I think we need more selection to fuel more sales. If you look at the number of homes that are really available and our current sales pace, we really only have about a three-month supply of homes on the market. I think buyers want more selection.”
As in recent months, Shelton also saw positive developments in the continued increase in short sales and decrease in sales involving foreclosed homes. In January, 21.1 percent of all existing homes sold in Southern Nevada were short sales. That number increased to 22 percent in February. At the same time, Shelton said bank-owned homes accounted for a decreasing percentage of all local home sales, dropping from 57.4 percent of all sales in January to 53 percent in February. He said lenders are becoming more willing to work with homeowners and work out short sales as an alternative to foreclosing on homes.
Shelton said the percentage of local homes purchased with cash continues to set GLVAR records, jumping from 40.4 percent in December to 45.5 percent in January to 48.7 percent in February.
According to the GLVAR, the total number of local homes, condominiums and townhomes sold in February was 3,075, down from 3,266 in January, but up from 2,730 in February 2009.
In February, GLVAR reported the median price of single-family homes sold in Southern Nevada was $135,694, up 0.6 percent from $134,925 in January, but down 12.8 percent from one year ago. The median price for condos and townhomes decreased 5.8 percent, from $69,000 in January to $65,000 in February. That’s down 13.3 percent from $75,000 one year ago.
As for the number of homes listed for sale, GLVAR reported 7,974 single-family homes listed for sale without any sort of pending or contingent offer and another 2,255 such condos and townhomes. That’s down 1.6 percent for homes and down 1.0 percent for condos compared to January, when there were 8,107 single-family homes and another 2,277 condos and townhomes listed without an offer.
As for the larger, or gross, number of listings on GLVAR’s Multiple Listing Service, GLVAR reported a total of 20,262 single-family homes listed for sale at the end of February. That’s up 2.6 percent from 19,742 in January, but down 8.5 percent from 22,142 homes listed one year ago. GLVAR reported 5,495 condos and townhomes listed for sale on its MLS at the end of February, up 2.1 percent from 5,380 condos and townhomes listed at the end of January, but down 3.4 percent from 5,686 such units listed one year ago.
This month’s GLVAR statistics include activity through the end of February 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 February was 2,390, down 8.4 percent from 2,608 sales in January, but up 4.5 percent from one year ago.
- The total number of condos and townhomes sold in February was 685, up 4.1 percent from 658 in January and up 55.0 percent from 442 such sales a year ago.
- The value of local real estate transactions tracked through the MLS during February decreased 6.3 percent to nearly $403 million worth of single-family home sales and decreased 3.9 percent to nearly $59 million in condo and townhome sales. That compares to January, when GLVAR reported nearly $430 million worth of home sales and more than $61 million in condo sales. Compared to one year ago, February’s total sales values are down 4.5 percent for homes, but up 40.3 percent for condo and townhome properties.
- Through February, 65.3 percent of all local single-family homes and 72.8 percent of all condos and townhomes sold within 60 days. That compares to January, when 71 percent of all local single-family homes and 75.4 percent of all condos and townhomes sold within 60 days.
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
Contact:
GEORGE MCCABE, (702) 967-2222
gmccabe@bpadlv.com
Director of Public Relations
Contact:
GEORGE MCCABE, (702) 967-2222
gmccabe@bpadlv.com
Director of Public Relations
Greater Las Vegas Association of Realtors
(702) 784-5000
(702) 784-5000