Las Vegas Home Prices Slide as Sales Activity Stays Steady!
September 10, 2008
(Las Vegas, NV) The Greater Las Vegas Association of Realtors released a report indicating that 2,545 single-family homes were sold in August 2008, which is up 93.4 percent compared to a year ago. The number of sales was down slightly from July, less than 2 percent, ending a seven month streak of increasing home sales in the Las Vegas area.
At the same time Las Vegas Home Sales are holding steady, Las Vegas Home Prices are still declining. The Greater Las Vegas Association of Realtors advised the median price of single family homes sold by a Realtor last month was $210,000. That’s down from $220,000 in July and down 30 percent from August 2007. They also reported that 385 condos and townhouses were sold last month, which is up 7.5 percent from July and 35.1 percent compared to last year. The median price of those condos was $123,000 last month, which is down from $135,000 in July and down more than 35 percent compared to a year ago.
Patty Kelley, president of the Greater Las Vegas Association of Realtors, said the number of homes on the market is declining, although bank-owned properties which account for nearly two thirds of sales are dragging down prices. “What we do know is that, once we sell off this inventory of homes in or nearing foreclosure, home prices will begin to increase,” Kelley said in a statement.
At last month’s sales pace, the Las Vegas area has a nine month supply of single family homes and a 14 month supply of condos and townhouses on the market. This is great news as we haven’t been at a nine month supply of singe family in a few years
Comments
One Response to “Las Vegas Home Prices Slide as Sales Activity Stays Steady!”
I was wondering how the market was down in Vegas. I think our market in Oregon will follow suit, and we’ll start to see inventory go down. A 9 month supply looks good in these economic times.