Tuesday, December 12, 2006

GLVAR reports decreased listings

The news below is certainly great news for Las Vegas residents, and local agents!
- Steve Harless

After increasing for several months, the number of homes listed for sale in Southern Nevada began to decline in November, according to statistics released last week by the Greater Las Vegas Association of Realtors (GLVAR).

According to GLVAR President Linda Rheinberger, the inventory of homes on the market in the Las Vegas area appears to have peaked, which is a good sign for the local housing market.

The same can be said for the continued steady sales prices for single-family homes, condominiums and townhomes in the area, she said. The association statistics show sales prices for local homes have remained stable for the past 13 months, according to Rheinberger.

"We've been saying for months that sellers should be realistic in listing and pricing their homes for sale," Rheinberger said. "With this month's drop in the number of active listings, it looks like our message is taking hold. Sellers who may just be speculating are either removing their homes from consideration or renting them out, which is positive."

This month's GLVAR statistics include activity through the end of November. This month's highlights include:

The median sales price of a single-family home sold in the Las Vegas area in November was $308,000. That's down $2,000, or .06 percent, from last month. This is also down .06 percent from the same time last year.

For local condos and townhomes, the median sales price in November went down slightly to $199,950, from $200,000 last month. That is down less than 1 percent from last year.

The total number of local homes sold in November was 1,547, down 8.4 percent from October and down 36.6 percent from one year ago. For condos and townhomes, 324 units were sold, down 9.2 percent from the previous month and down 46.1 percent from the previous year.

Through November, 53.6 percent of all single-family homes and 55.5 percent of all condos and townhomes sold within 60 days.

That's down slightly from October, when those percentages were 54.4 percent for homes and 56 percent for condos.