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Las Vegas home sales, prices slide in October

Image

Steve Marcus

Homes are shown in Henderson’s Montclaire subdivision.

Updated Wednesday, Nov. 10, 2010 | 11:40 a.m.

Southern Nevada home sales continued to weaken in October and prices fell as a result, according to a report released today by the Greater Las Vegas Association of Realtors.

The 2,599 sales of single-family homes were 7.4 percent lower than September and down nearly 27 percent from October 2009.

The median price of homes on the Multiple Listing Service was $133,000, down 1.5 percent from $135,000 in September. The price has fallen 4.4 percent from $139,100 in October 2009, the GLVAR reported.

Sales have fallen since the federal government ended its tax credit, effectively on April 30, for first-time homebuyers and move-up buyers.

The GLVAR attributed the decline to seasonal trends because fewer homes have sold in October compared to September, since 2005.

“We can also expect less activity in the coming months as we head into what is traditionally our slowest season for home sales,” said GLVAR President Rick Shelton. “After weathering the holiday months of November, December and January, I’d expect local home sales and hopefully prices to pick up a bit through 2011.”

In the condominium and town home market, the GLVAR reported the 786 sales fell 1.4 percent from September and 7.5 percent from October 2009. The median price was $65,000 – the same as September, but 7.1 percent lower than the $70,000 it was in October 2009.

The slowdown in sales is increasing the inventory on the market without offers.

The GLVAR reported the availability of homes at the end of October was 22,570, a 0.7 percent decline from September, but there were 12,379 homes without offers. That’s an increase of 4.1 percent from September and 53.3 percent from October 2009.

Investors continue to play a key role in Southern Nevada housing market sales. The percentage of homes purchased with cash accounted for 46.5 percent of all sales in October, up from 45.4 percent in September.

“We’re not aware of any other major city in the nation that has seen such a high percentage of cash buyers for a prolonged period of time,” Shelton said. “This speaks volumes about our housing market and how well-funded buyers believe that prices here will eventually appreciate.”

The GLVAR tracks sales on the MLS in Clark, Nye, Lincoln and White Pine counties. It may include some new homes as well.

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  1. This is because potential buyers realize that "the unemployed are hobos" Heller, "let them eat cake" Heck and "play a shell game with taxes" Sandoval will to nothing to help the unemployed or homeowners who get caught in a bind. You are on your own folks. The main agenda item for the Republican'ts is tax breaks for the super wealthy inherited wealth crowd (people like Paris Hilton.)

  2. LarryVegas once again spewing sewage from his mouth. Dude dont you have anything better to do that complain about Obama and Reid as if they had anything to do with the housing crash.
    *****

    vc
    What do you expect from one of those "uninformed voters" (if he even voted at all!). I noticed MANY of the "Tea Baggers Let's Blame Obama For Everything" are pretty uninformed about so many things. So I just laugh at some of the comments from the same stupid ilk as LarryVegas.

  3. And just a few weeks ago (before the election) There were many articles out there stating that the market had turned around and was moving back upward. The truth is that the market is in the condition it is because too many people bought way over their heads and re-fi'd every 6 or 8 months to buy a car, boat or whatever, while prices were overheating. If anyone walks on a loan, they should be banned from taking another mortgage until they make good on the old loan. We stayed in out little house while our neighbors laughed in our face as they told of their new $350k house in a "nicer" neighborhood. Now those losers are crying the blues because those mean people at the banks expect them to PAY THEIR OBLIGATIONS. That former neighbor who laughed in my face was eventually foreclosed on and living in his van when he knocked on my door wanting to "borrow" some cash. I reminded him of what he said when he moved to his new "palace"......don't know if he ever found any cash that day. Now the old neighborhood isn't so bad to live in after all, is it? How's that van working out?

  4. Well said Las Vegas 2009. This is a great time to buy if you are in the market. We can no longer look at houses as cash cows, it was never meant to be that way. At least, not before a owner had paid a significant amount of equity in their home.