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Business
Nov. 11, 2008
Copyright © Las Vegas Review-Journal

Home-sale inventory shrinks; sales surge

By HUBBLE SMITH
REVIEW-JOURNAL
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The number of homes available for sale in Las Vegas has receded from last year's peak and monthly closings have nearly tripled, the Greater Las Vegas Association of Realtors reported Monday.

Realtors sold 2,718 single-family homes in October, a 180 percent increase from 974 sales in the same month a year ago. Inventory is down to 22,929 after peaking at 24,341 in September 2007.

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    • The median price continues to fall, down 30.8 percent from a year ago to $190,000 in October.

    "We don't see any surprises in this month's statistics," Realtors' association president Patty Kelley said. "The main trends we see in the local housing market continue to be increased sales and decreased prices."

    She said bank-owned properties continue to have a huge impact on the local housing market, adding to the already ample supply and driving prices down. Roughly two-thirds of Las Vegas home sales are real estate-owned, or foreclosures.

    As in the past, Kelly said prices are at the point where bargains abound for qualified buyers.

    Condos and townhome sales more than doubled from a year ago. Realtors reported 414 sales in October, up 7.3 percent from September and up 110 percent from October 2007. The median price is down 36.7 percent from a year ago at $109,575.

    Realtor Rob Jenson of ReMax Central said there were 8,311 foreclosures on the market in October, up 4.6 percent from September. The number of foreclosures that closed escrow rose 6.1 percent to 1,752 in October.

    More affordable pricing and rising sales have helped reduce market inventory and is helping Las Vegas return to stable conditions, Jenson said. Inventory is down for the second month in a row, dropping from a 9.4-month supply to an 8.9-month supply.

    Short-sale listings, or homes offered at less than the mortgage owed, decreased while foreclosure listings increased, reflecting the difficulty in achieving a successful short sale that ultimately results in subsequent REO listing and foreclosure, Jenson said.

    Applied Analysis, a Las Vegas-based business advisory firm, showed the number of resale homes on the market rising for the sixth consecutive week to 22,873. That's up 915 units over six weeks.

    Vacant properties listed for sale are reaching back toward all-time highs reported in October 2007 and reflect nearly 60 percent of all listings.

    The number of homes identified as contingent or pending sale fell by 310 units during the week of Nov. 3, finishing at 6,461, Applied Analysis reported. About 52 percent of the 3,808 contingent units are identified as short sales, which require lender approval.

    Local real estate transactions tracked though the Multiple Listing Service in October totaled nearly $613 million in single-family home sales, down 4.5 percent from $642 million in September, but up 68 percent from a year ago.

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



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    j rod wrote on November 11, 2008 09:33 PM: aye...yai...yai...mr. hubble again?


    strad wrote on November 11, 2008 08:33 PM: I bought a foreclosed house. I have to say I slightly underestimated the amount of money it was going to take in materials to replace what the previous owners removed from the property. That's not a huge deal, but it's something I'll know better if there's a next time. Due to the repairs needed, I could not get bank financing, even with stellar credit and good income -- that was an unpleasant surprise. A private lender saved the deal though.


    Dave wrote on November 11, 2008 02:55 PM: Aliante is opening in an area high in foreclosures and the rest of the neighborhood is seniors on fixed incomes. How do ya think they will do in that economic enviroment?


    d wrote on November 11, 2008 02:51 PM: I knew it would be over just in time for Christmas! Yay! Now I will finally be able to get a return of 25% a year again starting in 2009! Thank goodness! I just wish they still made huge SUV's so I can cash out and buy one of those big rigs! Oh well, at least we are hitting the bottom finally.


    roger wrote on November 11, 2008 12:49 PM: Re:HOA scam, in the same line..just got notice from Summerlin South Comm Assoc saying my monthly fees going up $4/month. The expense statement shows over $500k/yr going to a property management company with anthr $175k/yr going to some type of admin expense...what???? That sounds a bit steep to me considering I also pay an HOA fee...CAUSE is 100% accurate, the people being hurt the most are the honest ones, the ones who put forth a significant down payment on a house with an inflated value due to the bogus crap all these so called real estate 'professionals' pulled. And these honest people will eb the ones getting no assitance whatsoever.


    Joe Bama wrote on November 11, 2008 12:45 PM: Great!! When the median price = 3 to 3.5x median income we will start to see some action,about 40k to go.


    cause wrote on November 11, 2008 11:12 AM: I blame it on: 1) BANKS that gave 100% financing, interest-only, no doc (liar) loans; 2) PROGRAMS that get low-income people into home ownership (community reivestment act, acorn, naca etc) under the banner of "minority" or "diversity" BS; and 3)BORROWERS who committed fraud on the Banks to get multiple loans.

    These causes have damaged the honest, least greedy homeowners.


    Barb wrote on November 11, 2008 10:28 AM: "Realtors sold 2,718 single-family homes in October, a 180 percent increase from 974 sales in the same month a year ago."

    180% increase? Wow!!!! I know so many people who got out of real estate sales. Seems like now is the time to break into the market! There are a lot of buyers picking up great homes at a bargain!


    HOA Scam wrote on November 11, 2008 10:27 AM: I would not buy with this HOA mess anyway -- they are all a big scam.


    DROPPING wrote on November 11, 2008 10:26 AM:

    If it is so good why are prices dropping?


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