Home sales up 64 percent last year in Las Vegas
By Brian Wargo
The Southern Nevada housing market showed signs of recovery in 2009 by recording the second-highest number of home sales in the region’s history.
The 46,879 sales of single-family homes, condos and townhomes through the Multiple Listing Service was 64 percent higher than the 28,618 in 2008, according to statistics released this morning by the Greater Las Vegas Association of Realtors.
“It is a good sign, but it is just a number and doesn’t reflect the whole picture of what needs to happen,” said Dennis Smith, president of Home Builders Research and Southern Nevada housing analyst.
The number of sales in 2009 was second to the 71,963 in 2004 when investors started to flood the market to flip homes.
No one is saying that’s the case this time with demand driven by first-time homebuyers taking advantage of lower prices and an $8,000 tax credit, and investors who have a long-term focus of making income from rentals.
The rebound in home sales in 2009 is quite a contrast to 2009 when only 18,555 units were sold in Southern Nevada. The GLVAR statistics include Las Vegas, Pahrump, Mesquite and Laughlin and are primarily comprised of existing homes, which make up the bulk of the MLS.
“Anything that depletes the inventory is a good sign in my eyes,” Smith said. “It will just make things turn that much quicker. The sales have helped prices stabilize.”
In December, the GLVAR reported the 3,420 sales of existing homes was 10 percent higher than November and 37 percent higher than December 2008. The median price of homes sold, however, fell $4,000 or 3 nearly percent to $136,000.
The median price of condominiums and townhomes fell 4 percent to $65,300 even though sales rose 7 percent from November to 776. Those sales were up 71 percent from December 2008, the GLVAR reported.
New GLVAR President said the decade that just ended was a roller coaster ride for Las Vegas. He admitted it’s been a challenging time for the housing market and economy as a whole.
The GLVAR reported the percentage of homes bought with cash during December was 40.4 percent. About 60 percent of the homes sold in December were bank-owned but that percentage declined in the last half of 2009 because of a dwindling supply of inventory, officials said.
The GLVAR reported there were 19,707 homes listed at the end of December, a 5.5 percent decline from November and 11 percent below its mark in December 2008. Of that total, there were 8,405 units listed without offers.
As for the condo and townhome market, there were 4,576 units available at the end of December, down 4.4 percent from November. There were 1,819 units listed without offers.
No one is saying that’s the case this time with demand driven by first-time homebuyers taking advantage of lower prices and an $8,000 tax credit, and investors who have a long-term focus of making income from rentals.
The rebound in home sales in 2009 is quite a contrast to 2009 when only 18,555 units were sold in Southern Nevada. The GLVAR statistics include Las Vegas, Pahrump, Mesquite and Laughlin and are primarily comprised of existing homes, which make up the bulk of the MLS.
“Anything that depletes the inventory is a good sign in my eyes,” Smith said. “It will just make things turn that much quicker. The sales have helped prices stabilize.”
In December, the GLVAR reported the 3,420 sales of existing homes was 10 percent higher than November and 37 percent higher than December 2008. The median price of homes sold, however, fell $4,000 or 3 nearly percent to $136,000.
The median price of condominiums and townhomes fell 4 percent to $65,300 even though sales rose 7 percent from November to 776. Those sales were up 71 percent from December 2008, the GLVAR reported.
New GLVAR President said the decade that just ended was a roller coaster ride for Las Vegas. He admitted it’s been a challenging time for the housing market and economy as a whole.
The GLVAR reported the percentage of homes bought with cash during December was 40.4 percent. About 60 percent of the homes sold in December were bank-owned but that percentage declined in the last half of 2009 because of a dwindling supply of inventory, officials said.
The GLVAR reported there were 19,707 homes listed at the end of December, a 5.5 percent decline from November and 11 percent below its mark in December 2008. Of that total, there were 8,405 units listed without offers.
As for the condo and townhome market, there were 4,576 units available at the end of December, down 4.4 percent from November. There were 1,819 units listed without offers.
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