BluefoxToday blog : Southern Nevada existing home sales still strong in January

Southern Nevada existing home sales still strong in January

The same pattern keeps more or less repeating itself when it comes to monthly Las Vegas real estate numbers. In essence, there are some good news and then some less than good news. One way of putting is that the market is simply trying to find its bearings.

As usual, GLVAR, or Greater Las Vegas Association of Realtors, is providing a detailed look at what happened in January in the local housing sector. Altogether 2,224 single-family houses were closed, amounting to a stellar 126% leap from the year ago figure. That trend has been evident for quite some time now and it does instill some optimism that the battered market is working diligently to right itself. As a caution, the sales are about 11% less than in December, so the slight decline is worth taking note of. Perhaps it's temporary, with people just taking the frigid month, believe me Las Vegas can be cold in January, off from looking at houses or are waiting to see what the Obama administration will do about providing home buyer assistance.

The inventory of property in the MLS changed very little, actually inching lower by 0.8% to 21,935. By Las Vegas standards it's still high and signifies the difficulties the market has in order to start bringing it down to a more sensible level.

And then comes the dreaded portion of the report to all homeowners in Southern Nevada. The median price of homes stays on the slippery surface, sliding further to $160,000, representing a 36% decline from January 2008. Not only that, but it's over 8% lower than in December, which is a much higher number than in previous months. This is largely brought on by foreclosures entering the market and banks getting rid of them speedily at almost any price buyers are willing to pay.

In short, there is still plenty of work to be done in Sin City housing before it can be declared normal. Reasonable.

 

 

_______________________________________________________________________________

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 6 commentsEsko Kiuru • February 10 2009 05:58PM

Comments

Hi Esko. That decline in prices is HUGE probably attributing to the uptick in sales volume. Wow!! Our decline in DFW was like the best in the country at -3%.

Posted by Gary Woltal, Assoc. Broker Realtor SFR Dallas Ft. Worth (Keller Williams Realty) over 9 years ago

January can be cold in Vegas and we did have an awesome freak snow storm in mid December, but this January was incredibly nice, it felt like it was sunny 60s the entire month.

Winter is often not the best time for real estate, and month-to-month numbers are generally too volite to make much use of, but I wouldn't go blaming the weather this time.

 

Obama maybe, employment numbers sure, everything else in the economy definately.

 

Posted by Rob over 9 years ago

Esko now one likes to have their property values go down, but in this case it seems that it is the market finding its price.  And that is evident in that Sales were up.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) over 9 years ago

Gary,

The drop from December was much more than expected.

Posted by Esko Kiuru over 9 years ago

Rob,

Thanks for stopping by. The economy has a lot to do with it.

Posted by Esko Kiuru over 9 years ago

George,

The brisk sales numbers are keeping the inventory from ballooning.

Posted by Esko Kiuru over 9 years ago

Participate