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Mar. 12, 2008
Copyright © Las Vegas Review-Journal

REAL ESTATE: Single-family home sales inch up

Inventory of residences also increases, posts 2 percent rise

By HUBBLE SMITH
REVIEW-JOURNAL
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Sales of single-family homes increased 11.7 percent in February to 1,098, but inventory of homes for sale rose 1.7 percent to 22,497, the Greater Las Vegas Association of Realtors reported.

Statistics compiled from the Multiple Listing Service continue to show trends similar to previous months, Realtors association president Patty Kelley said Tuesday.

Median home prices declined slightly to $246,500, down 1.4 percent from January and down 20.6 percent from the same month a year ago.

Lower home prices are mainly due to a large number of short sales, or homes sold for less than the balance owed on the mortgage, and bank-owned homes being sold at reduced prices, Kelley said. They accounted for 41.5 percent of February's sales.

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    • "There's light at the end of the tunnel because we had a 12 percent increase in sales," she said. "We're seeing a lot more activity in the market now. I talked to some Realtors this morning and people are actually smiling when I see them. We're weaning through foreclosures and getting foreclosures sold one by one. It's a lot more promising."

    Bargains abound with some homes selling for less than what it would cost to build them today, Kelley said.

    Real estate consultant John Burns said wise builders are adjusting their product offerings to appeal to a larger segment of buyer demand in this down housing market.

    Builders are lowering costs per square foot and the overall home price by changing from larger floorplans to smaller, more compact designs and offering a variety in home sizes, he said. Sometimes it's as easy as removing living and dining rooms or shrinking the size of rooms.

    "Rarely would you decrease the number of bedrooms," Burns said.

    Foreclosure properties present a great buying opportunity, Kelley said, but buyers can't expect similar prices for all homes.

    "We get calls from all over the country because everyone wants to know what's going on in Las Vegas," she said. "Everybody wants to come here."

    For condos and townhomes, the median sales price fell to $150,000 in February, a 7.4 percent decline from the previous month and 26.5 percent decline from a year ago. Inventory of units for sale dropped to 5,380, eight fewer than the previous month and a 2.6 percent decline from a year ago.

    Kelley said another positive development is last week's announcement that the Federal Housing Administration is raising loan limits in Clark County from $304,000 to $400,000.

    "That's a huge thing because of the fact we have so many service workers in the casinos and they can easily get an FHA loan. The guidelines are more relaxed than a conventional loan," she said.

    Association statistics are based on data collected through the MLS and do not necessarily account for newly constructed homes sold by local builders and other transactions not involving a Realtor.

    Contact reporter Hubble Smith at hsmith@reviewjournal.com or (702) 383-0491.

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    Foxy Lilac wrote on April 28, 2008 01:10 PM: Some realtors may be, But most of those that I know have high personal ethics standard.


    Joe Friday wrote on March 14, 2008 04:10 PM: "The guidelines are more relaxed than a conventional loan," she said."

    Deja vu all over again.


    d wrote on March 12, 2008 08:47 PM: Its like JFK all over again. We know the government did it, but we act like it is something else.

    Folks, the last 4 years worth of mortgage applications were all lies. The supply will meet demand. The only problem is that demand was pushed way too far due to easy financing. Now that a fraction of the people are even ABLE to get financing, the supply will be dictated by them.

    I read once that the people that survived the great depression were the ones who were buying while everyone else was trying to sell...

    We're in store for a great divide..


    serpico wrote on March 12, 2008 07:12 PM: Hey J, tell us do you feel lucky enough to buy now?


    Patrick wrote on March 12, 2008 06:48 PM: First, one does NOT need a realtor to buy a house. There are a lot of resources listing real estate for sale. Second, any realtor knows the NAR code, NEVER tell the truth about sales, home values, etc.. It is none of the client's business. In today's world of instant communication that rule makes realtors look like fools in my opinion. The whole business plan for real estate agents need to be tossed out the door along with the NAR. Realtors just need to charge a fee for assisting a buyer or seller to buy or sell real estate. A house as an investment tool isn't always a good thing. I just read that in LA it is becoming harder for companies to find employees because so many have moved over an hour or two hours away due to housing cost.


    J wrote on March 12, 2008 06:26 PM: No, I do not have an infomercial. I can tell you this: I bought five homes in 2001 for about $100 a square foot. I sold two of them in 2004 at $230 a square foot. I still have three, and they are now worth $175 a square foot. You don't need an infomercial, you need math lessons.


    cas127 wrote on March 12, 2008 04:42 PM: Hmmm...I don't see year-over-year sales figures - what I see is January to February sales figures (which ignores seasonality).

    Sleazy...and cheesy (in the era of the internet when your readers may know more than your reporters...and can use *your own site's* data to expose the manipulation -

    http://media.lvrj.com/images/2479610.jpg

    But you know what they say - "It is always a good time to smack a Realtor!!"


    me wrote on March 12, 2008 03:11 PM: Hey rj ministry of information: having fun working?


    John wrote on March 12, 2008 02:54 PM: J you so funny!


    J wrote on March 12, 2008 02:45 PM: My wife and I are considering relocating to Vegas in the next few months. Any reccomedations on buying or building? Or should we continue to wait for the market to really hit bottom? We're in NY so don't have much of a pulse on what's going on locally other than what we read on line.


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