For avid real estate market observers in Southern Nevada the recent news from GLVAR, or Greater Las Vegas Association of Realtors, were for the most part positive. In the July statistics it just published two out of the three more important categories the figures are kind of easy on the eye. The numbers are derived from the MLS, or Multiple Listing Service, which usually leaves out new homes sold by local builders.
The category that easily garners the most attention nowadays is the single-family house resales. In July 2,592 of them were closed, a nice jump from June's 2,226 which turns out to be a 16.4% gain. Very good indeed. Moreover, this is the seventh month in a row when it goes up and it's starting to establish a lasting pattern now. That is the only way out of the slump that has pestered the valley for quite some time.
But the market is still rather unusual because over half of these resales are foreclosures. As others are sold, more keep replacing them and it looks right now as if it's more or less a draw between sales and new arrivals. The real salvation is underway when the monthly sales clearly beat out the new foreclosures entering the MLS.
The single-family inventory level remained largely unchanged, edging up only fractionally. It has bounced between being slightly over or under the 23,000 unit plateau for months, so it's stable, but would be more desirable if the curve began sloping down.
The price is the category that continues to bother homeowners and real estate industry experts in Southern Nevada. As more foreclosure properties will enter the market in coming months and banks will keep up their aggressive pricing policies in disposing them, it'll predictably erode more value. Statistically speaking median sales price for a single-family home dropped 2.2% from $225,000 in June to $220,000 in July. Las Vegas is already a bargain city, but if that trend takes hold for a few more months, it'll turn into an unbelievable buyer's heaven we last saw when Bugsy Siegel roamed the dusty, hot streets.