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May. 07, 2008
Copyright © Las Vegas Review-Journal

At last, positive signs in housing

April data show inventory steady, sales up for LV

By HUBBLE SMITH
REVIEW-JOURNAL
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For the first time since September 2005, sales of single-family homes in Las Vegas rose from the same month of the previous year, the Greater Las Vegas Association of Realtors reported Tuesday.

Home sales jumped to 1,794 in April, up nearly 30 percent from April 2007 and the fourth consecutive monthly increase.

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    • The inventory of homes available for sale on the Multiple Listing Service has stabilized at 22,942, a 3.1 percent increase from a year ago.

    These are good signs for the local housing market, said Patty Kelley, president of the local Realtors association.

    "Things are really improving as far as the number of sales, up 20 percent (from March) and the fourth month of steady increases," she said.

    The median price of a single-family home continued to decline in April, dropping 3 percent from March to $235,875, according to GLVAR statistics. The price is down 22.7 percent from a year ago.

    As in past months, Kelley attributes the slight decline to the number of short sales and foreclosures selling for prices below market value. Properties owned by banks and other lenders still account for more than half of all homes sold each month, she said.

    "Every month we've got to work through those foreclosures until we get through 2009," she said. "All those (adjustable rate) loans from 2006 come due in 2009, so we're going to have the problem of foreclosures with us for a while. What it means for buyers is, there are tremendous buys out there right now."

    Jeremy Aguero, principal of Las Vegas-based Applied Analysis, said he's encouraged by the declining inventory, which is near a 12-month low, though the number of vacant units on the market is higher than he'd like to see.

    "More important than that, the number of pending and contingent sales are at their highest number in the past 12 months," he said. "So not only are people taking units off the market, but houses are selling."

    Las Vegas still has to get past some hurdles, primarily working through the oversupply of homes for sale, but the numbers are encouraging, Aguero said.

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

    For condos and townhomes, sales increased to 212 in April, up 7.1 percent from March and down 28.4 percent from April 2007. The median price fell to $155,000, down 4.9 percent from March and down 22.3 percent from a year ago.

    Condo and townhome listings increased 1.7 percent to 5,466 in April. That's down 11.5 percent from last April.

    Local real estate transactions tracked through the MLS during April totaled more than $510 million of sales volume, up 13.1 percent from last month.

    Kelley said homes are coming onto the market priced much lower than in the past. She's listing a home in Queensridge for around $300,000 that sold for $525,000 in 2005. Anything under $350,000 is receiving multiple offers, she said.

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

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    sstrooper wrote on June 02, 2008 09:03 AM: i'm on the same page as JASON

    i just put an offer in on another house. its a shortsale. i agree that properties will probably lose more value, but i'm thinking the decline from here on will be insignificant. i too am here for the long haul and could use another tax break. i want to live a decent lifestyle in my own home if i'm going to stay in vegas.

    by the way, this will be my 2nd house. i already have on in socal and yes its worth half what i owe on it - no big deal. i'm not selling it anyways so why should i care what its worth right now.

    so far i've been outbid 3 times on forclosures and my offer was for the amount they were asking. i didn't low ball anyone. for a housing market that's in so much trouble its funny how offering the bank what they are asking for still isn't enough.


    mike wrote on May 14, 2008 06:27 PM: I'm not a realtor....I'm a sub-contractor. Helping build new homes for people and families.

    Just trying to give my input that business is honestly improving for me after a years worth of a major decline.

    Take it or leave it....but the contracts for the builders I work for are most certainly increasing. Hopefully it continues....no more Top-Ramen for dinner!!!!


    Obamanation wrote on May 14, 2008 11:12 AM: Keep lying realtors...

    Nationwide, 243,353 homes received at least one foreclosure-related filing in April, up 65 percent from 147,708 in the same month last year and up 4 percent since March, RealtyTrac Inc. said.

    Nevada, Arizona, California and Florida were among the hardest hit states, with metropolitan areas in California and Florida accounting for nine of the top 10 areas with the highest rate of foreclosure, the company said.


    mike wrote on May 14, 2008 11:06 AM: My contracts in Vegas have been steadily rising for the last few months....gosh I hope it is over. But it is looking better.


    donna wrote on May 14, 2008 02:47 AM: Prices are already going up in my new home neighborhood that I sell....Common Sense I don't know where your getting you info from but My Market is picking up big time. I am seeing multiple offers......In 2006 people started saying no to adjustable loans so I doubt there are that may to worry about....REMEMBER YOU BRING ABOUT WHAT YOU THINK ABOUT. Because energy flow where attention goes. I guess that is why in my world the market is great! I sold 26 last year and I have sold 32 so far. Looks like I'll better than double last year....Remember people are still moving to VEGAS more than anywhere else and INVESTORS from out of the country are now back in the market because the are smart and know Vegas will do better than anywhere else when the short sales and foreclosures have gone bye bye.....


    Common Sense wrote on May 08, 2008 12:08 PM: We are nowhere near the bottom. Median price will bottom out at 3x median income. We are talking $150,000 to $160,000.


    VESPA wrote on May 08, 2008 11:48 AM: it's true, posting in this forum is just ammo for most folks, name calling etc.

    here's the point, it's not as bad as the pessimists think and it's no where near as good as the opptimists think. the world isn't ending, we'll all get thru it one way or the other. in my opinion, the media has as much blame in this as the lenders/liar borrowers/realtors/etc. perception is 9/10 of reality so to speak.

    there, now someone tell me how stupid am.


    Jason wrote on May 08, 2008 09:35 AM: Wayne, I don't remember saying anything about the economy rebounding, all I stated was that I THOUGHT the banks had found the bottom. I don't think I'll ever comment on here again because if you have an opinion you're told you have your head up whatever, or you're a whiner, etc.... Grow up.


    oops i did it again wrote on May 07, 2008 10:25 PM: i want to buy an investment property with no cash down. i am worker at hotel and i have to go stated income. whats my interest rate


    cyco bob wrote on May 07, 2008 06:35 PM: J..you're right.... whining is doing me no good. Live and learn as the saying goes. Have a good night and thanks for the input, or would scolding be a better word?


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