Las Vegas Home Sales Up 18% in February as Inventory Declines

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According to the Greater Las Vegas Association of Realtors (GLVAR), the number of existing homes being sold in Southern Nevada continues to go up, while the number of homes available for sale continues to go down.

"So far this year, local home sales remain strong and above the record sales pace we set in 2011," said GLVAR President Kolleen Kelley, a longtime local Realtors. "At the same time, we're seeing fewer homes available for sale each month, especially bank-owned homes. With the supply of homes going down, it makes sense that the median price of homes went up last month."

Kelley said the inventory of available homes had been declining through much of 2011. That trend seems to have accelerated since Oct. 1, 2011, when a new state law known as AB284 took effect, requiring lenders to prove they have all the necessary documents in place before proceeding with a foreclosure. Since Oct. 1, she said this law has curtailed the number of bank-owned homes being put on the market in Southern Nevada.

Still, Kelley said existing home sales are even stronger so far in 2012 than they were in 2011, which set a record for existing home sales in a single year with 48,186 sales, including 38,153 single-family homes and 10,033 condominiums and townhomes.

According to GLVAR, the total number of local homes, condominiums and townhomes sold in February was 3,794. That's up from 3,591 in January, and up from 3,371 total sales in February 2011.

Compared to one year ago, single-family home sales during February increased by 17.8 percent, while sales of condos and townhomes decreased by 5.0 percent.

As for prices, GLVAR reported the median price of single-family homes sold in February was $121,000, up 2.5 percent from $118,000 in January, but down 5.5 percent from $128,000 one year ago.

Meanwhile, the median price of local condominiums and townhomes sold in February was $60,000. That's up 9.1 percent from $55,000 the previous month, but down 3.6 percent from $62,250 the previous year. Kelley said this is the first time the median price of local condos and townhomes had topped $60,000 since May of 2011.

The total number of homes listed for sale on GLVAR's Multiple Listing Service decreased from January to February, with a total of 18,870 single-family homes listed for sale at the end of the month. That's down 1.5 percent from 19,160 single-family homes listed for sale at the end of January and down 15.4 percent from one year ago. GLVAR reported a total of 4,016 condos and townhomes listed for sale on its MLS at the end of February. That's down 2.8 percent from 4,133 condos and townhomes listed in January, and down 16.2 percent from one year ago.

As in past months, the number of available homes listed for sale without any sort of pending or contingent offer also declined compared to the previous month and year. By the end of February, GLVAR reported 6,543 single-family homes listed without any sort of offer. That's down 18.2 percent from 8,001 such homes listed in January and down 45.6 percent from one year ago. For condos and townhomes, the 1,598 properties listed without offers in February represented an 8.5 percent decline from 1,746 such properties listed without offers in January and a decrease of 45.6 percent from one year ago.

In February, GLVAR reported that 53.2 percent of all existing homes sold in Southern Nevada were purchased with cash. That's up from 52.5 percent in January and another indication to Kelley that "investors continue to see great value in our housing market."

Meanwhile, 29.3 percent of all existing local homes sold during February were short sales, which occur when a lender agrees to sell a home for less than what the borrower owes on the mortgage. That's up from 28.1 percent in January, but still short of the peak of 34 percent set in June 2010.

Bank-owned homes accounted for 42 percent of all existing home sales in February, down from 45.5 percent in January.

GLVAR reported that the median price of bank-owned single-family homes sold in February was $104,900, up from $100,000 in January. The median price of single-family homes sold as part of a short sale in February was $120,000, down from $121,000 in January.

This month's GLVAR statistics include activity through the end of February 2012. GLVAR distributes such statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners.

Other market highlights include:

• The monthly value of local real estate transactions tracked through the MLS during February increased by 8.2 percent for homes to nearly $454 million. For condos and townhomes, the total value of all sales in February was more than $62 million, up 19.6 percent from January. Compared to one year ago, total sales volumes in February were up 12.1 percent for homes, but down 12.2 percent for condos and townhomes.

• Through February, 57.1 percent of all homes and 61.1 percent of all condos and townhomes sold within 60 days. That compares to January, when 56.6 percent of all homes and 63.4 percent of all condos and townhomes sold within 60 days.