GLVAR stats show more sales, lower prices

For the fourth straight month, Greater Las Vegas Association of Realtors statistics showed a dramatic increase in the number of local homes sold last month compared to one year ago. In December, GLVAR reported increasing sales.

The total number of local single-family homes sold in December was 2,498, up 14.4 percent from 2,183 in November, and up 184.2 percent from 879 sales in December of 2007.

GLVAR tracked 455 local condo and townhome sales in December, up 16.1 percent from 392 sales in November. That's up 172.5 percent from 167 units sold last December.

Keeping with another recent trend, GLVAR reported that the median price of homes sold in Southern Nevada continued to decline in December, dropping to levels not seen since 2003.

The median price of a single-family home sold in the Las Vegas area decreased by 5.9 percent during the month, from $186,000 in November to $175,000 in December. That's down 32.7 percent from December of 2007.

For condos and townhomes, the median sales price decreased 0.9 percent from $90,750 in November to $89,900 in December. That's down 51.4 percent from December of 2007.

"We're encouraged to see home sales here in Southern Nevada increasing at such a dramatic rate as we work through a challenging time in the local and national economy and in our housing market," said 2009 GLVAR President and local Realtor Sue Naumann.

Naumann stopped short of predicting when local home prices may rebound, but she continued to emphasize that this buyer's market presents historic opportunities that "can't last much longer."

She added that bank-owned properties continue to shape statistics, with more than three out of four homes being sold in Southern Nevada now owned by lenders