Realtors: Home sales up more than 100 percent from last year

Tuesday, Dec. 16, 2008 | 12:41 p.m.

Home sales valleywide increased in November, marking the third consecutive month sales rose compared to the same time last year. However, real estate experts tempered their enthusiasm that the streak would continue in December, saying the holidays traditionally are a slow time of the year.

New and existing home sales in the Silverado area decreased last month from October, but the area posted the fourth highest sales in the valley, according to statistics from the Greater Las Vegas Association of Realtors.

In November, 135 new and existing homes sold in the Silverado area at a median price of $206,000. The median price remained steady from October when 146 homes sold for a median price of $205,250.

The Realtors' association reported that the median price of all houses, condos and townhouses being sold in Southern Nevada continued to decline in November, dropping more than 32 percent from November 2007.

However, sales are up 125.5 percent for homes and 142 percent for condominiums and townhomes, compared to November 2007.

Bank-owned properties continue to bring down prices and accounted for about two-thirds of all homes and condos sold valleywide in November, association President Patty Kelley said in a statement.

"It's good to see the number of home sales here in Southern Nevada continuing to increase this year compared to last year," Kelley said. "But, with the holidays being a traditionally slow time of year for home sales, we may see sales start to decline in December and January. GLVAR statistics generally show home sales peaking in the summer and slowing in the winter."

The number of homes sold last month was 2,183, a decrease of 19.7 percent from October when 2,718 homes sold. But it was up from 968 homes sold in November 2007.

The median price of a single-family home sold in the Las Vegas area decreased by 2.1 percent from $190,000 in October to $186,000 in November. That's down 32 percent from November 2007.

The number of available homes decreased .7 percent in November. The inventory of homes is down 3.1 percent from last November.

Jeff Pope can be reached at 990-2688 or jeff.pope@hbcpub.com.