BluefoxToday blog : Vegas housing market about to pick up?

Vegas housing market about to pick up?

A lot of attention has lately been directed toward the mortgage industry where lenders continue to struggle with rising foreclosures and try to keep their balance sheets somewhat respectable. Washington also announced an interest rate freeze plan that on the outset received proper headlines, but on closer scrutiny it appears to be more politics than a sincere attempt to help those in need.

In the meantime, Greater Las Vegas Association of Realtors, or GLVAR, compiled its monthly statistics for November and one sector indicates that the market is working actively on trying to right itself. It's the single-family house inventory that deserves a special mention, as it dropped slightly to 23,494 from October. The significance actually is that this is the third consecutive month it moves lower. If it is a lasting trend it might be justifiable to say that the bottom is here or at least very near. On the other hand, the winter months are typically slow and sellers may have withdrawn their listings for now and sign up again in a few months.

In other news on the Southern Nevada market, the median single-family home price was reported at $273,500, a decline of 11.2% from last year. Although it is double digits, it still can be called reasonable and non-alarming. Whereas sales are off the pace 37.4%, about where it has been for months.

The condominium and townhome median price is at $180,000 and it signifies a 10% fall from a year ago, mirroring closely the single-family drop. This category is doing a little worse on the sales side which gave up 50%.

If the market can sustain the downward movement in the listing inventory, then there is reason to be optimistic about a soon-to-begin recovery. But the road ahead can remain bumpy, as foreclosures and short sales are expected to trouble the real estate market for some time to come.     

 

 

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Provided by: 

Esko Kiuru
Mortgage, real estate and apartment industry analyst 

www.BluefoxToday.com - syndicated mortgage, housing and property management blog

eskokiuru@gmail.com
My cell: 702-499-1006

Comment balloon 10 commentsEsko Kiuru • December 14 2007 11:47PM

Comments

It is a bad plan, but it is an election year, and they will say anything to keep their jobs.
Posted by Max de Vries (Intero Real Estate Services) almost 11 years ago
Esko...and interesting perspective ont he Las Vegas market.  I was excited when I ran up comps earlier this week, for November and learned that listings were dowj and sales were up from October....not a lot, but enough to give me, and others, some encouragement..
Posted by Mary Warren almost 11 years ago
All the best to you in your market. Eventually all our markets will change. All the best.
Posted by Bob & Carolin Benjamin, East Phoenix Arizona Homes (Benjamin Realty LLC) almost 11 years ago
Esko, I hope that your market continues to climb out of it, our market in Southern Utah is so directly related to yours, that I do hope that it continues!
Posted by Tony & Darcy Cannon, The C Team (Aubrey and Associates Realty) almost 11 years ago

Max,

Let's see how it works out.

Posted by Esko Kiuru almost 11 years ago

Mary,

Listings being down a bit gives us a needed boost.

Posted by Esko Kiuru almost 11 years ago

Bob & Carolin,

We have to stay positive through this.

Posted by Esko Kiuru almost 11 years ago

Tony & Darcy,

The signs right now are encouraging.

Posted by Esko Kiuru almost 11 years ago
I would love to see your market come up again, I have a few friends that need out of their homes which they can not sell for what they owe.
Posted by Jeffrey Dolfinger, NRBA Member (24/7 Realty Inc.) almost 11 years ago

Jeff,

This winter could be the beginning of a gradual improvement.

Posted by Esko Kiuru almost 11 years ago

Participate