Real Estate News - According to Greater Las Vegas Association of Realtors (GLVAR), existing home sales in increased 4.5% in February and median prices fell 12.8% from February, 2009.
February's 2,390 single-family home sales is considered to be a "fairly solid" number for a traditionally slow time of year. Again, nearly half of the sales were cash transactions suggesting the return of investor activity locally. Cash purchases jumped to 48.7% in February compared with 40.4% in December and 45.5% in January. The median price was 135,694, up 0.6% from $134,925 in January 2010.
Projection of housing analysts is that this year, the area real estate market is going to look just about the same as 2009. "When you see our home prices staying fairly flat and sales still going up substantially from one year ago, that's not bad," he said. "We'll take it. 2010 will be the year of the price shift."
Inventory of real estate for sale dropped 8.5% from a year ago to 20,262; excluding pending and contingent sales, the number of available units without offers dropped to 7,974. With about a three-month supply of inventory, buyers are beginning to look for more selection. Multiple bids on listings are happening again! Some houses are selling above list price again. There are more homes with pending sales than available. "Everybody sees that national stuff and wants to see 40,000 listings and I say, 'Where?'" Magness said. ""In spite of the fact that people think Las Vegas is falling off the cliff, this is still a great city to live in. We're not shoveling snow, we don't have mud falling on us from the hills, no state income tax."
The percentage of short sales increased to 22 in February while bank-owned homes accounted for 53% of sales. GLVAR reported 10,357 home sales in the past 90 days - 5,972 bank-owned, (about 57.7%) and 2,209 short sales (21.3%). More than two-thirds of short sale listings are under contract.
Shelton said it's a "mixed bag" of investors, including international buyers. While past investors were "flippers" looking to make a quick-sale profit, today's investors are "bottom-feeders" absorbing the exaggerated low end of the market, he said.
685 condominiums and townhomes sold in February, up 5% from a year ago; the median price dropped 13.3% to $65,000.
GLVAR statistics are based on MLS stastics and do not account for "For sale by owners", homebuilders and transactions not involving a Realtor.
According to Trulia.com, our real estate market showed a 16% reduction in February's listing prices. Homes in the million-dollar real estate market saw somewhat larger discounts, 18% off original list prices.
Government incentives run out on April 30 and price reductions are expected to increase as sellers begin to feel the pressure to lure buyers, according to Trulia.com.
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