MobileRJ | RSS TwitterTwitter FacebookFacebook E-mail Alerts
Home manage Las Vegas Review-Journal
  Jobs Cars Homes Shopping Travel Weddings Golf Best of Las Vegas Photo   Search:

RECENT EDITIONS
Thu Fri Sat Sun Mon Tue Wed

Breaking News
Sep. 10, 2009
Copyright © Las Vegas Review-Journal

Home sales, prices fall in Las Vegas

By HUBBLE SMITH
LAS VEGAS REVIEW-JOURNAL

After showing signs of stability for a couple of months, Las Vegas’ housing market returned to its downward trend in sales and prices in August, the Greater Las Vegas Association of Realtors reported Thursday.

Homes are still selling at a brisk pace, but at a slightly slower rate and at lower prices than the previous month, the Realtors’ statistics showed.

Most Popular Stories
  • Tourist describes chaos as car plows into Laughlin casino, killing two
  • Tourist describes chaos as car plows into Laughlin casino, killing two
  • Shutting down the Ritz
  • Shutting down the Ritz
  • Former commander of USS Cole considers run against Reid
  • Flood advisory for Las Vegas Valley
  • Son of police officer critical after accidentally shooting himself
  • Son of police officer critical after accidentally shooting himself
  • BUDGET CRUNCH: Schools superintendent says proposed cuts would cost 2,322 teacher jobs
  • BUDGET CRUNCH: Schools superintendent says proposed cuts would cost 2,322 teacher jobs
  • Relatives remember grandmother killed in Laughlin accident
  • Gang member sentenced to prison in 2007 slaying
  • Some community leaders say Goodman overreacted to Obama's latest Las Vegas comment
  • NEVADA'S BUDGET WOES: Dentures, diapers for elderly out under proposed reductions, officials say
  • NEVADA'S BUDGET WOES: Dentures, diapers for elderly out under proposed reductions, officials say




    • Single-family home sales dropped to 3,229 in August from 3,738 in July. They increased 26.9 percent from August 2008. The median price of $135,500 is down 2.4 percent from July and 35.5 percent from a year ago.

    The number of homes available for sale climbed 2.8 percent in August to 20,999, though inventory is down 7.5 percent from a year ago. Also, the Realtors association has begun subtracting contingent and pending sales from the inventory, which leaves 8,579 available listings without offers.

    Even with a dip in sales and prices, the numbers indicate demand for homes in Las Vegas remains strong, said Sue Naumann, president of Greater Las Vegas Association of Realtors.

    She’s heard reports that more investors and cash buyers are coming to Las Vegas and thinks they’re one in the same.

    “They are taking advantage of opportunities to increase their rental portfolio, which is not necessarily a bad thing,” Naumann said. “As people get foreclosed on, they need rental homes for their children and dogs.”

    California-based real estate consultant John Burns said the return of investors explains some of the resurgence in sales in many markets. They account for 26 percent of total sales in 53 markets he tracks, compared with 21 percent in third quarter 2008.

    “Our conversations with investors reveal that many are looking to rent the properties they buy, as opposed to flipping them as was common in the up cycle although there are flippers this time around as well,” Burns said.

    With the cost of homeownership falling below rental parity in markets such as Phoenix and Las Vegas, investors are increasingly able to produce positive cash flow from these properties by making a large down payment, he said.

    Bank-owned properties accounted for 70.5 percent of all Las Vegas housing sales in August Ñ a sizable percentage, but down from the past few months, Naumann noted.

    Condo and townhome sales declined to 810 units in August, down 6.3 percent from July. Their median price fell 1.1 percent to $66,288. The number of condos for sale increased 2.4 percent to 5,508, with 2,545 available units without offers.

    Real estate analyst John Restrepo of Restrepo Consulting Group in Las Vegas said the new reporting system of listings with and without offers essentially reflects a gross-vs.-net view of the local market. It’s an encouraging sign that only 41 percent of the nearly 21,000 total reported listings did not have an offer in August, he said.

    The association statistics are based on data collected through its Multiple Listing Service and do not necessarily account for new homes sold by builders, homes sold by owners and other transactions not involving a Realtor.

    The value of condo and townhome transactions tracked through the MLS increased 2.6 percent to more than $77 million in August. Nearly $532 million worth of single-family homes were sold, down 13 percent from July.

     

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

     

    Newsvine Digg Fark Technorati reddit StumbleUpon del.icio.us Slashdot Propeller Mixx Furl Twitter MySpace Facebook Google Bookmarks Yahoo! Bookmarks Windows Live Favorites Ask MyStuff myAOL Favorites

    Leave Your Comment 24 Reader Comments
    Terms & Conditions
    The following comments are provided by readers and are the sole responsiblity of the authors. The reviewjournal.com does not review comments before publication nor guarantee their accuracy. By publishing a comment here you agree to abide by the comment policy. If you see a comment that violates the policy, please notify the web editor.

    Some comments may not display immediately due to an automatic filter. These comments will be reviewed within 48 hours. Please do not submit a comment more than once.
    Current Word Count:

    Note: Comments made by reporters and editors of the Las Vegas Review-Journal are presented with a yellow background.

    ASHLEY SCHOPP wrote on September 23, 2009 11:13 AM: hi my name is ashly schopp what your name. i go to pea ridge high school i am in the 12 grade.


    ashley schopp wrote on September 23, 2009 11:07 AM: thank for the web sight


    eo1scw wrote on September 15, 2009 09:09 AM: cool me an idiot, but i think things will turn around. i place less emphasis on the amount owed on a mortgage and more emphasis on the interest rate. i still believe we are seeing a repeat of the 1970's and that regardless of what you owe on your house you'll come out ahead in the long run if you can manage to hang on to that fixed rate.

    yeah, right now this economy is killing me too. but i am convinced things will turn around. i still can't forget the 90's when everyone used to cry doom and gloom. now look at us. we just came out of the most aggressive boom in our nation's history. it only makes sense that the economy would eventually contract. i think next year will be a better year and that prices will probably stabilize if not begin to increase.

    things will be ok. its just going to be a tough road getting there is all.


    Chris wrote on September 14, 2009 02:27 AM: Las Vegas is a sunny place, full of shady people. Nothing is what it seems. Plenty of apartments to rent and homes to buy because there is a mass exodus out of this town because there are no jobs to be had here.
    The apartment complex's are starting to lower their rents but the long term apartment renters have to leave their apartments to get the cheaper deals. The longer you stay in your apartment complex, the more they charge you. I have learned that. Loyalty means nothing in Las Vegas.


    REW wrote on September 10, 2009 10:39 PM: Hey RJ,
    Why is it that early in the year when home sales were showing year-over-year declines and month-over-month gains (a bottoming out, if you will) you reported "home sales down?" Now with a month-over-month decline (small) and a year-over-year gain (huge) you still report "home sales down." Your consistent casting of the glass as half-empty is not helping the folks. How about reporting some of the positive news in your headlines?


    review journal censorship wrote on September 10, 2009 10:30 PM:
    when readers post the truth about the real estate companies in this town, the post get removed.

    why hide the lies and scam ?


    Irma wrote on September 10, 2009 10:16 PM: Why is it an encouraging sign that 41% of listings do not have an offer? Sounds negative to me. What is that like 10,000 listings with no offers? Please explain.


    Too_many_RE_hucksters wrote on September 10, 2009 07:31 PM: Rental/purchase parity? I don't think so. On average, not for another 25-50% *below* current asking sales prices. Of course, the rental market is soft too. Rental prices will adjust downward in sympathy with sales prices. A death spiral. For my money, parity is a long way off.


    wettap wrote on September 10, 2009 06:12 PM: Wait.

    I just read that the bottom is ready to drop out on the housing market. ANOTHER 25% glut in new homes under foreclosure.

    So... should I wait for that new condo at Panorama on Dean Martin Drive?


    Keep Dropping wrote on September 10, 2009 05:30 PM: To Getting Worse,

    Awesome! Now my property taxes will drop another 24%!! This is a good time to be a long-term homeowner in Las Vegas.


    Read All Comments