GLVAR housing statistics show stable prices, sales up from last year
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GLVAR releases November housing statistics
Housing statistics for November released by the Greater Las Vegas Association of Realtors show 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 homes, condominiums and townhomes sold in November was 3,843. GLVAR President and 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.
The total number of 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 2008.
The total number of condos and townhomes sold 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.
“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 homes being purchased with cash during November was 41 percent, nearly matching October, when cash buyers accounted for 41.7 percent of all 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.
For more information, visit lasvegasrealtor.com.