Las Vegas Home Prices, Sales Both on the Rise

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Today the Greater Las Vegas Association of Realtors (GLVAR) reported a monthly increase in single-family home sales and prices.

According to GLVAR, the total number of local homes, condominiums and townhomes sold in November was 3,883, or two more sales than the 3,881 properties sold in October. November sales were also up from 3,510 total sales one year ago.

Within that total, single-family home sales during November increased by 13.8 percent, while sales of condos and townhomes decreased by 1.2 percent, all when compared to November of 2010.

As for home prices, GLVAR reported the median price of single-family homes sold in November was $125,000, up 3.3 percent from $121,000 in October. That's down 7.3 percent from $134,900 one year ago.

Meanwhile, the median price of local condominiums and townhomes sold in November was $58,000. That's down 1.7 percent from $59,000 the previous month, and down 10.6 percent from $64,900 the previous year.

GLVAR President Paul Bell attributed the modest monthly price increase to a strong demand for housing in Southern Nevada, coupled with a decreasing supply.

"I think there's just less inventory, especially in areas where homes are really selling," Bell said. "It's much lower today than say four years ago, when we had almost 25,000 homes on the market."

He explained that the number of local properties listed for sale continues to decrease, especially in popular neighborhoods in master-planned communities and near large employment centers.

In fact, the total number of homes listed for sale on GLVAR's Multiple Listing Service decreased from October to November, with a total of 20,818 single-family homes listed for sale at the end of the month. That's down 3.1 percent from 21,478 single-family homes listed for sale at the end of October and down 8.0 percent from one year ago. GLVAR reported a total of 4,399 condos and townhomes listed for sale on its MLS at the end of November. That's down 3.6 percent from 4,563 such properties listed in October and down 24.7 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 in November from the previous month and year. By the end of November, GLVAR reported 9,780 single-family homes listed without any sort of offer. That's down 5.5 percent from 10,346 such homes listed in October and down 22.3 percent from one year ago.

For condos and townhomes, the 2,103 properties listed without offers in November represented a 3.6 percent decline from 2,182 such properties listed without offers in October and a decrease of 34.3 percent from one year ago.

The increase in local home sales between October and November also bucks seasonal trends from the past decade, when local home sales generally declined through the holiday and winter months that make up the slowest season for local home sales. Bell said this year's ongoing sales surge continues to be driven by investors buying homes at bargain prices.

"Investors are definitely making a difference right now by restoring homes and helping to drive up prices," he said.

GLVAR reported that the median price of bank-owned single-family homes sold in November was $107,640, down from $109,900 in October. The median price of single-family homes sold as part of a short sale in November was $129,900, up from $124,500 in October.

In November, GLVAR reported that 48.2 percent of all existing homes sold in Southern Nevada were purchased with cash. That's down from 50.0 percent in October.

Meanwhile, 26.8 percent of all existing local homes sold during November were short sales, which occur when a bank agrees to sell a home for less than what the borrower owes on the mortgage. That's up from 25.4 percent in October, but still down from a peak of 34 percent set in June 2010.

Bank-owned homes accounted for 46.0 percent of all existing home sales in November, down from 48.1 percent in October.

This month's GLVAR statistics include activity through the end of November 2011. 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 highlights reported by GLVAR include:

• The monthly value of local real estate transactions tracked through the MLS during November increased by 2.2 percent to more than $478 million. For condos and townhomes, the total value of all sales in November was more than $53 million, down 6.5 percent from October. Compared to one year ago, total sales volumes in November were up 5.8 percent for homes, but down 7.5 percent for condos and townhomes.

• Through November, 58.7 percent of all homes and 65.9 percent of all condos and townhomes sold within 60 days. That compares to October, when 59.9 percent of all homes and 62.8 percent of all condos and townhomes sold within 60 days.

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