Thursday, Jan. 22, 2009 | 12:21 p.m.
December was not supposed to be a good month for home sellers. But it turned out to be a season of surprises as sales throughout the valley surged for the fourth consecutive month compared to 2007.
New and existing home sales in the Silverado area increased last month from November as the median price continued lower than previous months, according to statistics from the Greater Las Vegas Association of Realtors.
In December 147 new and existing homes sold in the Silverado area at a median price of $190,000. The median price fell from $206,000 from November when 135 homes sold.
The Realtors' association reported that the median price of all houses, condos and townhouses being sold in Southern Nevada continued to decline in December to levels not seen since 2003.
The median price of a single-family home decreased 5.9 percent during the month, from $186,000 in November to $175,000. That's almost 33 percent less than December 2007.
However, sales are up 184.2 percent for homes and 172.5 percent for condominiums and townhomes, compared to December 2007.
Bank-owned properties continue to bring down prices and accounted for about two-thirds of all homes and condos sold valleywide in December, association President Sue Naumann said in a statement.
"We're encouraged to see home sales here in Southern Nevada increasing at such a dramatic rate as we work through a challenging time in the local and national economy and in our housing market," Naumann said. "Traditionally, December is a slow time of year in real estate because of the holidays and colder weather. This shows that buyers are realizing that this is a great time to buy a home."
The number of homes sold last month was 2,498, an increase of 14.4 percent from November when 2,183 homes sold. That's up from 879 homes sold in December 2007.
The number of available homes decreased 2.7 percent in December. The inventory of homes has increased less than 1 percent from last December.
Jeff Pope can be reached at 990-2688 or [email protected].
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