GLVAR statistics show rise in home sales

Local housing statistics released by the Greater Las Vegas Association of Realtors show local home sales more than doubling compared to the same time last year.

In November, GLVAR reported sales increasing 125.5 percent for homes and 142.0 percent for condominiums and town homes, compared to November 2007. This follows even greater year-over-year sales increases in September and October.

Meanwhile, GLVAR reported that the median price of all types of homes being sold in Southern Nevada continued to decline in November, dropping more than 32 percent from November 2007.

"It's good to see the number of home sales here in Southern Nevada continuing to increase this year compared to last year," 2008 GLVAR President Patty Kelley said.

"GLVAR statistics generally show home sales peaking in the summer and slowing in the winter."

Statistics highlighted a few other key trends in the local housing market. As in past months, Kelley said bank-owned properties continue to have a huge impact on the local housing market, adding to the already ample supply of homes on the market and driving down home prices to the point where bargains abound for qualified buyers. Two out of every three homes being sold in Southern Nevada are owned by lenders.

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 2,183. That's down 19.7 percent from 2,718 in October, but up 125.5 percent from 968 sales in November of 2007.

GLVAR reported 392 local condos and town homes being sold in November. That's down 5.3 percent from 414 sold in October, but up 142.0 percent compared to 162 sold last November.

The median price of a single-family home sold in the Las Vegas area decreased by 2.1 percent in November, from $190,000 in October to $186,000 in November. That's down 32.0 percent from November of 2007.

For condos and town homes, the median sales price decreased 17.2 percent from $109,575 in October to $90,750 in November. That's down 49.6 percent from November 2007.

The number of local homes listed for sale through November remained stable, decreasing by 0.7 percent for single-family homes, with 22,770 listed for sale in November compared to 22,929 homes listed for sale in October. That inventory of homes is down 3.1 percent from last November.

The number of condos and town homes listed for sale increased slightly for the month, up 0.8 percent from 5,531 in October to 5,573 in November. That's 6.9 percent fewer listings than last November.

Kelley said that local real estate transactions tracked through the MLS during November totaled more than $507 million worth of single-family home sales, down 17.3 percent from about $613 million in sales during October, but up 48.2 percent from last November. Nearly $41 million in condo and town home properties were sold in November, down 25.2 percent from nearly $55 million in October sales, but up 17.3 percent from last November.

Through November, 67.8 percent of all single-family homes and 56.7 percent of all condos and town homes sold within 60 days.

In October, 65.2 percent of all single-family homes and 57.0 percent of all condos and town homes sold within 60 days.

GLVAR was founded in 1947 and provides its more than 14,000 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 lasvegasrealtor.com.