Las Vegas Home Sales
Rise in October
The Greater Las Vegas Association of Realtors® reported 3,535 sales of single-family homes in October, a 5.3 percent increase over September when there were 3,358 sales. Median prices rose nearly 1 percent to $139,100, the highest since it was $138,800 in July.
Sales of condos and town houses fell 1 percent in October to 850, but median prices rose 6.5 percent from $65,720 to $70,000, the GLVAR reported.
Demand for homes continues to be fueled by investors and first-time homebuyers. Cash buyers accounted for 42 percent of the sales.
The sales of foreclosed-upon homes declined in October, falling to 64.5 percent of the total. It was 67 percent in September.
The GLVAR tracks sales only on the Multiple Listing Service. It reported there were 20,998 homes listed at the end of October, about 1 percent higher than September. The GLVAR said there were 8,075 homes listed without offers, a 2 percent increase over September.
In October, owners listed 5,482 homes for sale, an 11 percent increase over September.
Partially fueled by the looming 11/30/2009 deadline of the $8,000 tax credit for buyers who have not owned real estate for the past three years, Las Vegas home sales surged in October. (The Tax Credit has been extended and expanded as of this past Saturday.. 11/07/2009.)
REO Homes aka Bank Owned Homes for sale declined in sales due to the dwindling supply of Las Vegas Bank Owned Homes or sale. No surprise here as there are reports that banks are keeping the homes off of the market in an attempt to space out the inventory to keep home values stable.
Of particular interest is the 11% increase of Las Vegas homes put up for sale over September. With the $8,000 tax credit extended (and expanded) it will be interesting to see what happens for the next couple of months since potential buyers have more time to shop around and be more selective in their purchases.
All but one of these four signs are now gone as these homes have all recently sold. Not shown is my sign behind the photographer on another home that is also now sold.
Signs of Stability for Las Vegas Real Estate?
For the past two years… November has been the month where I’ve noticed significant price drops for Las Vegas Bank Owned homes as banks look to unload inventory and get their losses off of the books. So far… it has not transpired this year which could be a combination of many factors such as prices already so low and the changes to Mark to Market accounting rules on reporting assets back in April.
Short Sale Opportunities for Sellers and
Buyers?
For Las Vegas Homeowners buried underwater and owe far more then their home is worth… the next couple of months may be an ideal time to Short Sale your Las Vegas Home as real estate agents are already heavily promoting the $8,000 tax credit extension / expansion.
Las Vegas Home buyers that want to take advantage of this now have the time to shop the Las Vegas short sales. From what I see with my Las Vegas real estate buyers… the bank owned inventory in Las Vegas has been pretty dismal and we’ve focused more on the great Las Vegas short sales available for sale…. that are listed by Las Vegas Real Estate agents who know how to do short sales in the first place. (The differance between Agony and Ecstasy.)
As always… comments are always welcomed and my contact information is below for Las Vegas Real Estate Services.
Paul Francis, CRS
Prudential Americana Group – Realtors®
Las Vegas Real Estate – Summerlin Homes
702.592.3058
December 7, 2009 at 12:09 pm
Thank you so much!! This blog was suggested to me.
January 9, 2010 at 10:08 am
Where did your entry go this from this morning? 1/9/2010?
I always search the blogs for political opinions, especially the US Senate race, because I’m bummed at the way it is going for the Republicans. I was thrilled to read your blog, because it is so similar to my experience with these candidates! I actually laughed out loud when I was reading it. I give you kudos for writing it, as I’ve wanted to scream out loud my opinion, but don’t want to upset the party or anyone involved. I have a friend who loves Sue, but she is being PAID to work on her campaign, so I guess I’d love her to. I was so unimpressed when I met her! It was like meeting a celebrity who was annoyed I was talking to her!
In any case, thank you for publishing that blurb, even though you removed it. I understand. I imagine you got cold feet about making people upset.
I will tell you, however, there are a couple of good candidates in the race. They just don’t have the funds to promote themselves. Money=exposure=votes.
Sincerely,
Sandra