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Las Vegas home sales climb to highest level in 17 months
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LAS VEGAS REVIEW-JOURNAL
Sales of existing homes in Las Vegas rose to the highest level in 17 months with 5,114 closings in March -- a 7.6 percent increase from the same month a year ago, SalesTraq research firm reported Tuesday.
March sales are just shy of the 5,160 closings in October 2009.
The last time sales topped 5,000 was in June, toward the end of the government's home buyer tax credit period. Existing-home sales finished the first quarter at 12,515.
"Everybody still has the mindset that the market is in the tank, but the market is as vibrant as it's ever been," said David Brownell of Keller Williams Realty in Las Vegas. "To cross the 5,000 mark in March is very significant. It's huge. There are probably only a handful of months that cross 5,000. To have that in March, what does that mean for June and July? Maybe 5,500?"
The new-home market is still staggering with 279 sales in March, a 44 percent decrease from a year ago, SalesTraq reported. Just 781 new-home closings have been recorded in the first three months, down 41 percent from first quarter of 2010 and far off the pace of last year's total of 5,438 sales.
The median price of an existing home fell to $108,000, down 10 percent from a year ago and the lowest since 1991. New-home prices fell 6.5 percent to $195,950.
Banks took back 2,099 homes in March, compared with 943 in February and 1,246 in March 2010.
More bank-owned homes will eventually be hitting the market, keeping prices low and appreciation scarce, said Tim Kelly Kiernan of ReMax Extreme.
Banks are approving more short sales, or sales for less than the principal mortgage balance, which is a good thing, he said. There were about 2,000 bank-owned home sales in March and 1,000 short sales.
Equity Title of Nevada showed 3,686 notices of default filed in March, 4,647 notices of trustee sales and 2,119 foreclosures.
ZIP code 89031 in North Las Vegas recorded the highest number of single-family homes sales in March at 171 and an average price of $112,025. The highest average price was $400,875 for 55 home sales in ZIP code 89135 in the southwest valley, according to Equity Title.
Brownell of Keller Williams found 30.8 percent of March closings were in the $50,000 to $100,000 price range and 27.9 percent were in the $100,000 to $150,000 range. There were 512 sales under $50,000 and 64 over $500,000.
Brownell showed an inventory of 14,036 single-family homes for sale in March, up 48 percent from a year ago, but slightly lower than the peak of more than 15,000 in October. Real estate-owned, or bank-owned, inventory climbed 87 percent to 2,581 and short-sale inventory was up 62 percent at 7,120.
"It seems like we're weeding out some of the distressed inventory," he said.
The U.S. Commerce Department reported a 7.2 percent increase in new-home construction starts for March, though the annualized figure of 549,000 remains far below normal levels.
In Las Vegas, home builders pulled 339 permits in March, compared with 236 in February and 700 in the same month a year ago, SalesTraq reported.
Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.
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Why would anyone pay $40 a foot for a home you could live in for 20 years instead of buying an ounce of gold for 1500 bucks. Actually know people walk away from their house just to buy one for cash at 250,000 discount for cash. People are not as stupid as most people think they are. Anyone really care who's buying up the stock market? Foreigners are just like any investor, they go where money goes.
"The market is as vibrant as it's ever been," said David Brownell of Keller Williams.
Is that so? The median price of an existing home ($108,000) is at its lowest since 1991.
Only a realtor or an investor could call this a "vibrant" market -- while we schlumps living here in our devaluated homes get screwed.
IF YOU BUY A STUCCO SHACK,YOU ARE A FOOL.
IF YOU BUY IT TO LIVE IN,THEN YOU ARE OK.
IF YOU BOUGHT IT ,BECAUSE YOU THINK IT WILL GO UP SOON,YOU ARE A FOOL
THE SUCKER CLASS AKA INVESTMENT TYPES ,WILL LOSE.
SMART PEOPLE ARE IN HARD COMMONITIES,NOT A LOSING IVESTMENT LIKE HOUSING
THINK WEAT,CORN,GOLD,SILVER ECT
Prices have gone down in most areas but have actually risen a little in other areas (like mine). Wise investors will see this as an opportunity and those looking for a quick buck will sell low and buy later high...I say 2 - 3 years you will start to see more appreciation but if you are buying a house to sell it in 2 yrs you are a fool...the days of flipping are over for now
BUY LOW NEVER SEE A HIGH AGAIN
YA BABY
5000 sold and just over 5700 foreclosures and default notices combined. This situation will slowly work itself out over the next two to three years. "Buy low,Sell high, yippee!!!!
AND PRICES CONTINUE TO SLIDE DOWN
NO NEWS HERE,JUST MORE STUCCO SHACKS BEING BOUGHT AND SOON TO BE DUMPED BY THE SUCKER CLASS OF LOSERS
HEY,IF YOU WAIT UNTIL 2020,YOU MIGHT MAKE A PROFIT
LOSERS I TELL YA
Independent, common sense says if the banks dump everything they own on the market right now the price of your home would be less then $30K. Is that really what you want? Bad enough they are selling them as cheap as they are but works for me, I saved my money and can buy more of them now. ;-)
Gary D
Fast and loose with the truth.....your source for this figure?? I know many investors and they are buying with cash but that doesn't make 40 % of them foreigners....source it...
Independent;
if this is the case consider us lucky we don't need a new glut of homes out now....or would you like even lower prices?? hmmmmm are you part of this foreign invasion with gary D??
I can't fathom why banks were not required to move their inventory of foreclosures as a condition to getting bail out money. Oh wait a minute. Yes I can.