Residential Real Estate In Las Vegas Median Prices Record Level Fall
Residential real estate in Las Vegas, NV prices median home prices decline that haven’t been seen for six years. Prices were looking good for the end of Dec. 2008, but prices and sales took a dive.
Median Las Vegas home prices fell to a record low in 2003. The January price was a 8.6 percent decrease from Dec. and year to date huge 36 percent decrease.
The Greater Las Vegas Association of REALTORs or, GLVAR, show a 126.2 percent gain of year to date totals, but fell 11 percent from a month earlier. Home sales levels topped 2,000 at May and finished the year at the same level.
Townhomes and Condominiums for sale followed the same trends in the Las Vegas real estate market. Condos median prices fell to $80,000 or a 50.6 percent decrease. With the fall in prices sales increased to 440 units or 161.9 percent.
Difficult financing, foreclosures, excessive inventory and layoff will keep home prices low for the coming year.
Inventory of Las Vegas homes listed on the multiple listing service was stagnant with a year to date decline of 0.9 percent or 21,935 units.
An all time record low of Las Vegas home builder permits for 2008. Year to date permit pulls dropped 58 percent or 6,129 new permits. The market still has an over abundance of inventory including unsold homes, foreclosures and new homes. Single family home inventory was noted at 10.9 months.
Bargain hunters were busy in January 2009 buying up residential real estate with 88 percent of the monthly sales with the fall of average prices.
An increase in pending or contingent sales were listed in the mls at 6,989 units, a year to date increase of 142 percent. Nearly 8 percent of pending units are short sales that must be approved by the mortgage lender.
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Residential real estate in Las Vegas median prices record level decline since six years ago.