GLVAR reports decrease in home prices, inventory

Statistics released by the Greater Las Vegas Association of Realtors show that local home prices during the past month decreased for single-family homes sold in November, while the number of homes on the market continued to decline.

"The holiday season traditionally brings with it slower sales and a continued stable inventory, which is reflected in this month's statistics," said GLVAR President Devin Reiss. "However, the GLVAR still believes it's still a good time to buy a home because of low interest rates, abundant housing choices and a strong local economy. In fact, the detailed study just released by Applied Analysis that made a strong case for a housing shortage by late 2009 or 2010, further supports our view."

This month's GLVAR statistics include activity through the end of November. The association distributes 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. This month's highlights include:

The median sales price of a single-family home sold in the Las Vegas area decreased 0.4 percent from $274,725 in October to $273,500 in November. That's down 11.2 percent from last November.

For condos and townhomes, the median sales price in November increased 4 percent from $173,000 in October to $180,000 in November. That's down 10 percent from last November.

The number of local homes listed for sale through November decreased 1.8 percent for single-family homes, with 23,494 homes listed for sale, compared to 23,917 homes listed for sale in October. That's up 19.1 percent from November 2006.

The number of condos and townhomes listed for sale declined by 0.9 percent from 6,045 in October to 5,989 in November. That's an increase of 16.4 percent from the number of condos and townhomes listed in November 2006.

The total number of local single-family homes sold in November was 968. That's down 0.6 percent from 974 homes sold in October.

On an annual basis, the number of homes sold declined 37.4 percent from November 2006.

For condos and townhomes, 162 homes were sold in November, down 17.8 percent from 197 sales in October and down 50 percent from last November. Reiss said that all the local real estate transactions tracked through the MLS translated into more than $342 million of sales volume, down 6.2 percent from last month.

Through November, 45.5 percent of all single-family homes and 43.9 percent of all condos and townhomes sold within 60 days. In October, 47.5 percent of all single-family homes and 40.6 percent of all condos and townhomes sold within 60 days.

For more information about the GLVAR, visit LasVegasRealtor.com.