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Jul. 10, 2007
Copyright © Las Vegas Review-Journal

Home supply reaches record

Inventory of unsold homes tops previous mark set in October

By HUBBLE SMITH
REVIEW-JOURNAL
Housing
Housing in Las Vegas
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The inventory of single-family homes available for sale in Las Vegas climbed to a record 23,642 in June, topping the previous peak of 23,474 in October, the Greater Las Vegas Association of Realtors reported Monday.

The number rose 2.6 percent from May and 18.1 percent from the same month a year ago.

"This is to be expected, especially in the summer months, when more people are on the move," said Devin Reiss, president of the Realtors association. "We see this as another sign that sellers should be more realistic about the time their home can spend on the market."

The median price rose 1.2 percent from the previous month to $305,000 although it's still down $10,000, or 3.2 percent, from last year.

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    • "The slight increase in the median price is an indication that sellers may be able to get their asking price if they want to hold out. But, if they are serious about moving the property, they should price it accordingly," Reiss said.

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

    The number of condos and townhomes for sale was 6,263, down 1.3 percent from May. However, it's an increase of 35.3 percent from a year ago. The median price of $194,250 is up 2.2 percent from May and down 5.2 percent from June 2006.

    There were 1,476 single-family home sales in June, down 5.9 percent from May and down 41.6 from a year ago. Condos and townhome sales dropped to 344, compared with 373 in May.

    Dollar volume of homes sold through the MLS translated into more than $712 million, a 1.4 percent increase from last month and 35 percent decrease from last year.

    Nearly 53 percent of all single-family homes and 48.5 percent of all condos and townhomes sold within 60 days.

    "I thought June would be up just a bit from May, but it was down," Debi Averett of Phoenix-based Housingdoom.com said. "June is usually about as busy as it gets for Las Vegas home sales, so I expect things to pretty much be downhill from here for the rest of the year. The supply of single-family homes is up to 16 months, so it's going to be a while before things look better."



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    alan berk wrote on August 09, 2007 02:29 AM: ah- the stupidity continues!

    Anyone who bought in the overpriced westside is drinking Kool-aid

    over priced and the congestion is a nightmare!
    let`s see - my home is 10 minutes to the strip- 10 minutes from the airport
    10 minutes to the convention center

    the blvd mall is 10 minutes and the galleria in green valley is 15

    Why would you live anywhere else in Las Vegas!?

    the smiths supermarket is 5 minutes=the starbucks is 5 minutes also!

    Teh former lt govenor of nevada lonnie hammergren lives around the corner!

    Not exacly the innercity-

    You cann keep summerlin and mountains edge and any other place that is not close to where you work.

    my wife used to work at the Flamingo hilton- just 10 minutes away

    Do you people enjoy those commutes.

    Why when there is so much housing stock close to where the jobs are!?

    The crime rate isn`t any higher then any where else- Home invasions happen in so called nice areas too!

    enjoy the traffic and the commute!


    Darth Vader wrote on July 14, 2007 10:22 PM: AMP...you sound like you have been around awhile and have not been taken in by all the recent hype and nonsense put out by the current crop of real estate interests and promoters. But I would not sell your wife or any women short when it comes to advice...you cant live with them and cant live without them! I too am a long term Las Vegas resident...spent most of my career in the Gaming Business and specifically property management and so I know alittle something regarding land values in the Valley and the SFR/Commerical building history of the region.... Sad to say...last ten years have been driven by outside interests and since 2000 changes in lending criteria eliminating buyers having any "skin the game" when buying property...and people using their homes as ATM machines...thus setting up the current real estate meltdown scenario...this will play out very badly for many folks who thought this party would never end...the villians in this tragedy play,,,will most likely escape without any real consequences,,,the Lenders, Real Estate brokers, Assorted land developers and hypsters,shills and corrupt local politicans out of town grifters/shysters.


    AMP wrote on July 14, 2007 03:27 PM: Darth Vader said, "AMP is correct..."

    You know Darth, my wife could learn a thing or 2 from you!

    People forget the period from the late '80's to about early 2003 where we had very little appreciation most years, sometimes none at all. Why? New construction was cheap and plentiful and that's the case today. However, back then hardly anyone had ARMs, let alone Option ARMs, which should require 25% down IMHO, and foreclosures were fairly rare.

    BTW, if interest rates increase much more, prices (and sales) will really suffer. The increase in rates from 6% to 6.75% over the past 7 months or so increases the payment by 12.5%. So, the median price would have to drop by 12% to hold payments steady. That's just beginning to be priced into the current market by Buyers. Ouch.


    Darth Vader wrote on July 12, 2007 10:01 PM: AMP is correct...it will take the nex 18 to 24 months for the full effects of this correction to kick in...with alot of pain and suffering...several respected analysis (Shiller, et al) indicate at least a 30% downward correction is needed in the Las Vegas market for conditions to warrant buyers to begin to enter the market. The price adjustment will come about by price pressure downward coupled with inflationary elements. Anyone who purchased a home in the last two or three years is going to see flat to negative appreciation at best and worst case if they have used their home as a ATM machine and owe more than its worth...by definition they over paid in any case...will be forced to sell at deep discounts to get out of their mortgage...but more logically will just let the foreclosure process work its way thru to the bitter inevitable end losing everything...


    The Bubble Believer wrote on July 12, 2007 03:28 PM: You gotta feel bad for those would-be sellers who drank the koolaid from all those 'pundits' this newspaper loves to quote (i.e. "there is no housing bubble in Las Vegas"), and held out for more 'appreciation'. No wait, no I don't.

    As for the median price, it is a joke. Tell me class, if I sell 3 houses, 2 for $1 million, and the third for a $1, what is the median price? Sales in the toilet = skewed median.


    AMP wrote on July 12, 2007 10:41 AM: Prices can't come down 20+% in a short amount of time (e.g. <1 year). Too many people paid high prices or extracted their equity and owe more than it's currently worth. The wheels of the foreclosure process do not spin quickly. Foreclosures aren't going away anytime soon and REOs will continue to lead prices lower and lower.

    Prices will come down significantly, but it will be a slow process over the next few years. Until SFH inventory is below 15,000 or so, prices will continue to fall.


    Gaming Exec wrote on July 11, 2007 05:05 PM: You are all really sad. Really, really sad... The fact is Realtors do not set the price...the home sellers set the price. Its true there are more then likely a certain percentage of unethical, dishonest and unprofessional agents out there but my experience has shown me that its like that it most professions even worse here in Vegas!...The future does look bleak, I agree, but to place blame is sad, but then again most on this blog are in a sad state of blame and pissing and moaning…now to end on a positive note…the world will end on 12/21/20012…


    muffDiver wrote on July 11, 2007 04:56 PM: AAHHOOOGA0000000AH.....AAHHHOOOGAHH...
    DIVE... DIVE... DIVE...CRASH DIVE THIS REAL ESTATE BOAT BEFORE ITS TOO LATE....AAHOOOGAAHHH!!! DIVE...DIVE...THIS MARKET IS GOING DOWN DOWN DOWN!!!!


    Bob Roberts wrote on July 11, 2007 04:35 PM: Realtors are one of the few who work on commissions only and don't have any inventory carrying costs! The sellers bite the big one on carrying costs, while the Realtors continue to "glad hand" and give bogus advice! They have the audacity to call themselves "Professionals"! They are more like Circus Barkers!


    Darth Vader wrote on July 11, 2007 04:19 PM: The real estate industry shill is back I see, hello Positive Outlook...glad to see you are still delusional....national report just out today from yoru pals at the NAR... national housing DOWN AGAIN 5.3% year over year...another 1% over last month's "good news" prediction...soon even the NAR's forecaster is going to stop spinning the reality...as for Las Vegas...DHS's comments are right on...until pricing comes down another 20 to 30% no one in their right mind using their own money will buy at these current listed prices...get reall sellers...if you are truly motivated...stopp listening to your greedy Realtor...price it right and it will sell....eventually....


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