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GLVAR Housing Statistics For March 2019

5/6/2019




Local home prices inch up to $300,000 as homes selling at a slower pace
GLVAR housing statistics for March 2019



     

LAS VEGASLocal home prices inched back up to the $300,000 mark in March while fewer properties changed hands and more homes were on the market than one year ago. So says a report released Monday by the Greater Las Vegas Association of REALTORS® (GLVAR).

     GLVAR reported that the median price for existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during March was an even $300,000. That’s up 1.3 percent from $296,200 in February, and up 7.1 percent from $280,000 in March of 2018.

     The median price of local condos and townhomes sold in March also increased compared to the previous month and previous year. The March median price of $166,500 was up 0.9 percent from February and up 4.1 percent from $160,000 in March of 2018.

     “These statistics are in line with trends we’ve been seeing for several months. Local home prices are still appreciating, but at a slower rate than they were in the years following the recession,” said 2019 GLVAR President Janet Carpenter, a longtime local REALTOR®. “It always attracts attention when our home prices hit a round number like $300,000. But we actually reached that same median price back in September of last year, so prices have really been hovering around that level since the fall.”

     Before slowing down in recent months, local home prices had generally been rising since early 2012, climbing back toward their all-time peak. According to GLVAR, the median price of existing single-family homes sold in Southern Nevada peaked at $315,000 in June of 2006. Local home prices hit a post-recession bottom of $118,000 in January of 2012.

     With mortgage interest rates remaining near historically low levels and recent reports suggesting that more sellers in Southern Nevada have been lowering their asking prices, Carpenter said “things may be looking up” for the traditionally busier spring housing market, especially for buyers.

     At the current sales pace, Carpenter said Southern Nevada now has less than a three-month supply of homes available for sale. That’s up sharply from one year ago, but still below what would normally be considered a balanced market. By the end of March, GLVAR reported 7,091 single-family homes listed for sale without any sort of offer. That’s up 84.9 percent from one year ago. For condos and townhomes, the 1,751 properties listed without offers in March represented a 130.1 percent jump from one year ago.

     The total number of existing local homes, condos and townhomes sold during March was 3,260. Compared to one year ago, March sales were down 16.8 percent for homes and down 12.9 percent for condos and townhomes. 

     GLVAR reported a total of 42,876 property sales in 2018, down from 45,388 in all of 2017. At this year’s sales pace, Carpenter expects sales numbers to be slightly lower this year than last year.

     GLVAR reported that 23.1 percent of all local properties sold in March were purchased with cash. That compares to 25.2 percent one year ago. That’s well below the February 2013 peak of 59.5 percent, indicating that cash buyers and investors are still active in the local housing market, but have been playing a much smaller role than they were during and just after the Great Recession.

     The number of so-called distressed sales also continues to drop. GLVAR reported that short sales and foreclosures combined accounted for just 2.5 percent of all existing local property sales in March. That’s down from 2.9 percent of all sales one year ago and from 9.8 percent two years ago.

     These GLVAR statistics include activity through the end of March 2019. GLVAR distributes statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:

     • The total value of local real estate transactions tracked through the MLS during March was more than $925 million for homes and nearly $114 million for condos, high-rise condos, and townhomes. Compared to one year ago, total sales values in March were down 11.2 percent for homes, and down 9.7 percent for condos and townhomes.

     • Homes and condos are selling at a slower pace. In March, 69.6 percent of all existing local homes and 74.0 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago when 82.0 percent of all existing local homes and 89.0 percent of all existing local condos and townhomes sold within 60 days.

     About the GLVAR GLVAR was founded in 1947 and provides its more than 14,000 local members with education, training, and political representation. The local representative of the National Association of REALTORS®, GLVAR is the largest professional organization in Southern Nevada. Each GLVAR member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit www.LasVegasRealtor.com.

GLVAR Housing Statistics For February 2019

5/6/2019

Local home prices dip below $300,000 as homes sell at a slower pace
GLVAR housing statistics for February 2019


    LAS VEGASLocal home prices dipped below $300,000 in February while fewer properties changed hands and more homes were on the market than one year ago. That’s according to a report released Wednesday by the Greater Las Vegas Association of REALTORS® (GLVAR).

     GLVAR reported that the median price for existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during February was $296,200. That’s down from an even $300,000 in January, but still up 7.7 percent from $275,000 in February of 2018.

     The median price of local condos and townhomes sold in February was $165,000. That was up 10.0 percent from $150,000 in February of 2018.

     “Our home prices have been going up faster over the past year than almost anywhere else in the country, but they’ve been slowing down lately,” said 2019 GLVAR President Janet Carpenter, a longtime local REALTOR®. “This is consistent with what’s happening nationally. We’re also following national trends with our increasing housing supply and the decreasing number of homes being sold here. Home sales and prices usually pick up in the spring and summer, although there are signs that we may see a slower spring selling season than we have during the past few years.”

     While she was encouraged to see mortgage interest rates remain at historically low levels, Carpenter said headwinds in the local housing market include home prices that have been rising faster than average incomes in recent years. As a result, she said many sellers have been lowering their listing prices.

     In fact, some national reports have suggested that Southern Nevada led the nation with nearly 24 percent of all local home sellers cutting their asking price during the last year.

     Before slowing down in recent months, local home prices had generally been rising since early 2012, inching closer to their all-time peak. According to GLVAR, the median price of existing single-family homes sold in Southern Nevada peaked at $315,000 in June of 2006. Local home prices hit a post-recession bottom of $118,000 in January of 2012.

     At the current sales pace, Carpenter said Southern Nevada now has less than a four-month supply of homes available for sale. That’s up sharply from one year ago, but still below what would normally be considered a balanced market. By the end of February, GLVAR reported 7,134 single-family homes listed for sale without any sort of offer. That’s up 95.3 percent from one year ago. For condos and townhomes, the 1,754 properties listed without offers in February represented a 158.3 percent jump from one year ago.


     The total number of existing local homes, condos and townhomes sold during February was 2,508. Compared to one year ago, February sales were down 7.6 percent for homes and down 5.9 percent for condos and townhomes.

     GLVAR reported a total of 42,876 property sales in 2018, down from 45,388 in all of 2017. At this rate, Carpenter expects sales numbers to be slightly lower this year than last year.

     GLVAR reported that 26.2 percent of all local properties sold in February were purchased with cash. That compares to 32.4 percent one year ago. That’s well below the February 2013 peak of 59.5 percent, indicating that cash buyers and investors are still active in the local housing market, but have been playing a much smaller role than they were during and just after the Great Recession. The number of so-called distressed sales also continues to drop. GLVAR reported that short sales and foreclosures combined accounted for just 2.6 percent of all existing local property sales in February. That’s down from 3.8 percent of all sales one year ago and 10.6 percent two years ago. These GLVAR statistics include activity through the end of February 2019. GLVAR distributes statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:

     • The total value of local real estate transactions tracked through the MLS during February was more than $689 million for homes and nearly $96 million for condos, high-rise condos, and townhomes. Compared to one year ago, total sales values in February were down 3.4 percent for homes, but up 4.5 percent for condos and townhomes.

     • Homes and condos are selling at a slower pace. In February, 69.3 percent of all existing local homes and 69.7 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago when 79.8 percent of all existing local homes and 86.4 percent of all existing local condos and townhomes sold within 60 days.

     About the GLVAR GLVAR was founded in 1947 and provides its more than 14,000 local members with education, training, and political representation. The local representative of the National Association of REALTORS®, GLVAR is the largest professional organization in Southern Nevada. Each GLVAR member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit www.LasVegasRealtor.com.

GLVAR Housing Statistics For January 2019

5/6/2019



Southern Nevada home prices bounce back to $300,000 GLVAR housing statistics for January 2019

     LAS VEGAS – Local home prices bounced back to the $300,000 mark for the first time since September while fewer properties changed hands and more homes were on the market than one year ago. So says a report released Wednesday by the Greater Las Vegas Association of REALTORS® (GLVAR) covering activity in the local housing market through January.
     
     GLVAR reported that the median price for existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during January was an even $300,000. That’s up 13.2 percent from $265,000 in January of 2018.

     The median price of local condos and townhomes sold in January was $170,000. That was up 13.4 percent from January of 2018.

     “Just when you thought these double-digit increases might become a thing of the past, it’s interesting to see the median home price go back up again,” said 2019 GLVAR President Janet Carpenter, a longtime local REALTOR®. “The last time our median home price hit $300,000 was in September. Before that, you have to go all the way back to 2007 to see a median price that high. We usually see local home prices and sales decline in January, which is traditionally one of the slowest months for the local housing market.”

     Until hitting a plateau in recent months, local home prices had generally been rising since early 2012, inching closer to their all-time peak. According to GLVAR, the median price of existing single-family homes sold in Southern Nevada peaked at $315,000 in June of 2006. Local home prices hit a post-recession bottom of $118,000 in January of 2012.

     Along with relatively stable home prices, Carpenter said another trend to watch in 2019 is the recently rising housing supply.

     With nearly a four-month supply of homes now available for sale, she said the number of local homes listed for sale without offers on them has been increasing for several months. However, she said that is still below what would normally be considered a balanced market. By the end of January, GLVAR reported 7,254 single-family homes listed for sale without any sort of offer. That’s up 95.1 percent from one year ago. For condos and townhomes, the 1,703 properties listed without offers in January represented a 168.6 percent jump from one year ago.

     The total number of existing local homes, condos and townhomes sold during January was 2,305. Compared to one year ago, January sales were down 19.4 percent for homes and down 12.5 percent for condos and townhomes. GLVAR reported a total of 42,876 property sales in 2018, down from 45,388 in all of 2017, so Carpenter expects sales numbers may continue to slip this year. 

     GLVAR reported that 24.9 percent of all local properties sold in January were purchased with cash. That compares to 29.2 percent one year ago. That’s well below the February 2013 peak of 59.5 percent, indicating that cash buyers and investors are still active in the local housing market, but have been playing a much smaller role than they were during and immediately after the Great Recession.

     The number of so-called distressed sales also continues to drop each year. GLVAR reported that short sales and foreclosures combined accounted for just 2.8 percent of all existing local property sales in January. That’s down from 4.3 percent of all sales one year ago and 11 percent two years ago.

     These GLVAR statistics include activity through the end of January 2019. GLVAR distributes statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:

     • The total value of local real estate transactions tracked through the MLS during January was nearly $641 million for homes and nearly $89 million for condos, high-rise condos, and townhomes. Compared to one year ago, total sales volumes in January were down 8.1 percent for homes, but up 1.7 percent for condos and townhomes.

     • Homes and condos are starting to sell at a slower pace. In January, 72.0 percent of all existing local homes and 71.2 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, 76.8 percent of all existing local homes and 83.1 percent of all existing local condos and townhomes sold within 60 days.

     About the GLVAR GLVAR was founded in 1947 and provides its more than 14,000 local members with education, training, and political representation. The local representative of the National Association of REALTORS®, GLVAR is the largest professional organization in Southern Nevada. Each GLVAR member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit www.LasVegasRealtor.com.

     


     

Southern Nevada Home Prices Hovering This Summer

9/16/2018


                                                                

GLVAR housing statistics for August 2018

 

LAS VEGAS – After climbing steadily since 2012, local home prices have been hovering this summer, with a report released today by the Greater Las Vegas Association of REALTORS® (GLVAR) showing prices back to where they were in May.

 

GLVAR reported that the median price for existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during August was $295,000, matching the median price in May. That’s up 1.7 percent from July and up 13.5 percent from $260,000 in August of 2017. The median price of local condos and townhomes sold in August was $169,950. That’s up 2.4 percent from July and up 23.8 percent from the same time last year.

 

“Our housing market has been cooling off a bit this summer. I wouldn’t say we’ve shifted from a seller’s market to one favoring buyers, but we’re starting to see the scales tilt more in that direction,” said GLVAR President Chris Bishop, a longtime local REALTOR®. “Home prices and sales are starting to soften around the country. Most experts, including NAR Chief Economist Lawrence Yun, have been predicting slower appreciation and more inventory heading into 2019.”

 

At this rate, Bishop added, “it may be some time before our local home prices surpass their all-time peak like they have in most markets around the country.” According to GLVAR, the median price of existing single-family homes sold in Southern Nevada peaked at $315,000 in June of 2006. Prices hit a post-recession bottom of $118,000 in January of 2012.

 

Meanwhile, Bishop said the housing supply increased in August, which he called good news for potential buyers. However, he said Southern Nevada still has less than a two-month supply of existing homes available for sale when a six-month supply would be a balanced market. By the end of August, GLVAR reported 5,818 single-family homes listed for sale without any sort of offer. That’s up from July and up 12.8 percent from one year ago. For condos and townhomes, the 1,184 properties listed without offers in August represented a 73.4 percent increase from one year ago.

 

The total number of existing local homes, condos and townhomes sold during August was 3,881. Compared to one year ago, August sales were down 6.4 percent for homes, but up 11.0 percent for condos and townhomes. Overall, he said sales so far this year remain behind last year’s pace.

 

GLVAR reported that 24.8 percent of all local properties sold in August were purchased with cash. That compares to 25.8 percent one year ago. That’s well below the February 2013 peak of 59.5 percent, suggesting that cash buyers and investors are still active in the local housing market, but have been playing a much smaller role than they were five or six years ago.

 

The number of so-called distressed sales continues to drop. GLVAR reported that short sales and foreclosures combined accounted for just 2.5 percent of all existing local home sales in August, down from 6.1 percent of all sales one year ago.

 

These GLVAR statistics include activity through the end of August 2018. GLVAR distributes statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:

 

  • The total value of local real estate transactions tracked through the MLS during August was nearly $1.1 billion for homes and more than $146 million for condos, high-rise condos, and townhomes. Compared to one year ago, total sales volumes in August were up 11.0 percent for homes and up 34.2 percent for condos and townhomes.

 

  • Homes and condos continue to sell quickly. In August, 87.5 percent of all existing local homes and 90.2 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago when 3 percent of all existing local homes and 90.4 percent of all existing local condos and townhomes sold within 60 days.


Housing Statistics 

Southern Nevada Home Prices Leveling Off This Summer

8/30/2018

 

                                                                                                        


GLVAR housing statistics for July 2018

LAS VEGAS
 – Local home prices are leveling off this summer as the housing supply has stopped shrinking but still remains tight. That’s according to a report released today by the Greater Las Vegas Association of REALTORS®(GLVAR).
 
GLVAR reported that the median price for existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during July held steady at $290,000. That’s the same as June, but still up 11.5 percent from $260,000 in July of 2017. The median price of local condos and townhomes sold in July was $166,000, down slightly from June, but up 20.3 percent from the same time last year.
 
“Local home prices had been on the rise for most of 2018, but have been slowing down this summer,” said GLVAR President Chris Bishop, a longtime local REALTOR®. “Sales have been leveling off, too. We’re glad to see the housing supply increasing slightly in recent months, but our inventory is still very tight. That tight supply has been dragging down home sales. At this rate, we’re on pace to sell fewer existing homes this year than we did last year. And it may be some time before local home prices get back to their all-time peak from 2006.”
 
According to GLVAR, the median price of existing single-family homes sold in Southern Nevada peaked at $315,000 in June of 2006. Prices hit a post-recession bottom of $118,000 in January of 2012.
 
Southern Nevada now has less than a two-month supply of existing homes available for sale when a six-month supply is considered a balanced market. By the end of July, GLVAR reported 4,787 single-family homes listed for sale without any sort of offer. That’s up from June but still down 4.2 percent from one year ago. For condos and townhomes, the 878 properties listed without offers in July represented a hefty 40.5 percent increase from one year ago.
 
The total number of existing local homes, condos and townhomes sold during July was 3,955. Compared to one year ago, July sales were up 1.4 percent for homes and up 17.2 percent for condos and townhomes.
 
GLVAR reported that 22.6 percent of all local properties sold in July were purchased with cash. That compares to 24.6 percent one year ago. That’s well below the February 2013 peak of 59.5 percent, indicating that cash buyers and investors are still active in the local housing market, but have been playing a much smaller role than they were five or six years ago.
 
At the same time, the number of so-called distressed sales continues to drop. GLVAR reported that short sales and foreclosures combined accounted for 2.9 percent of all existing local home sales in July, down from 6.4 percent of all sales one year ago.
 
These GLVAR statistics include activity through the end of July 2018. GLVAR distributes statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:
 
  • The total value of local real estate transactions tracked through the MLS during July was nearly $1.1 billion for homes and nearly $136 million for condos, high-rise condos, and townhomes. Compared to one year ago, total sales volumes in July were up 11.1percent for homes and up 31.0 percent for condos and townhomes.
 
  • Homes and condos continued to sell faster than last year at this time. In July, 89.0 percent of all existing local homes and 89.5 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago when 2 percent of all existing local homes and 87.7 percent of all existing local condos and townhomes sold within 60 days.

Housing Statistics 

Southern Nevada Housing Market Looking A Lot Like The Summer Weather

7/6/2018

GLVAR housing statistics for June 2018

 
LAS VEGAS – A housing market report released today by the Greater Las Vegas Association of REALTORS® (GLVAR) looks a lot like the summer weather in Southern Nevada, with local home prices continuing to heat up from last year at this time while the housing supply stayed desert dry.
 
GLVAR reported that the median price for existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during June was $290,000. That’s down 1.7 percent from the previous month, but up 12.7 percent from $257,373 in June of 2017. The median price of local condos and townhomes sold in June jumped to $170,500, up 33.2 percent from the same time last year.
 
Local home prices have been approaching record levels. According to GLVAR, the median price of existing single-family homes sold in Southern Nevada peaked at $315,000 in June of 2006. Prices hit a post-recession bottom of $118,000 in January of 2012.
 
“Despite a slight dip in June, our home prices have been on a steady climb since 2012. If this trend continues, by later this year, we could hit the all-time median price that we hit in 2006,” said GLVAR President Chris Bishop, a longtime local REALTOR®. “Affordability is becoming a bigger issue, especially for first-time buyers. Then again, if you’re coming from a more expensive market like California, then our prices still seem like a bargain by comparison.”
 
Since the local housing market usually heats up in the summer and since the local economy and population are growing, Bishop said increasing demand could put more pressure on the already short supply of available homes. Southern Nevada now has less than a month and a half supply of existing homes available for sale when a six-month supply is considered a balanced market.
 
By the end of June, GLVAR reported 4,335 single-family homes listed for sale without any sort of offer. That’s down 16.2 percent from one year ago. For condos and townhomes, the 822 properties listed without offers in June represented a 28.6 percent increase from one year ago.
 
“Hopefully, we can keep up with that demand,” Bishop said. “But for at least the rest of 2018, I think we’ll be playing catch-up.”
 
He said the tight supply also seems to be dragging down local home sales – which may be hard-pressed to match last year’s total after increasing each year for the past few years. The total number of existing local homes, condos and townhomes sold during June was 4,194. Compared to one year ago, June sales were down 8.9 percent for homes, but up 18.5 percent for condos and townhomes.
 
GLVAR reported that 22.9 percent of all local properties sold in June were purchased with cash. That compares to 27.2 percent one year ago. That’s well below the February 2013 peak of 59.5 percent, indicating that cash buyers and investors are still active in the local housing market, but have been playing a much smaller role than they were five years ago.
 
At the same time, the number of so-called distressed sales continues to decline. GLVAR reported that short sales and foreclosures combined accounted for 2.6 percent of all existing local home sales in June, down from 6.3 percent of all sales one year ago.
 
These GLVAR statistics include activity through the end of June 2018. GLVAR distributes statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:
 
• The total value of local real estate transactions tracked through the MLS during June was more than $1.1 billion for homes and nearly $147 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in June were up 4.3 percent for homes and up 30.5 percent for condos and townhomes.
 
• Homes and condos continued to sell faster than last year at this time. In June, 89.1 percent of all existing local homes and 91.2 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 83.3 percent of all existing local homes and 87.2 percent of all existing local condos and townhomes sold within 60 days.

 Housing Statistics

 

Making Moving Day A Success

7/4/2018

  

When relocating or buying a new home, there is one thing that most people dread: moving day. While it can indeed be a hectic day, planning your move weeks in advance can make things much smoother. It's also important to know what to expect on moving day itself. Here are some things to keep in mind:

 

# 1: Make final preparations

Strip bedding and put into a "load last" box. Unplug all appliances, leaving cords clearly visible. If you haven't done so already, defrost your refrigerator and freezer, leaving the doors open.

 

# 2: Clear a path

Keep packed boxes in a room close to the door but out of the way. Survey for any obstacles that could block carried furniture such as railings or fence gates. Place non-slip rugs in any high traffic areas that could be potentially dangerous.

 

# 3: Call the sitter

Your family pet should be confined, or better yet, left with a friend. Even the nicest of animals will find a way to be dangerously underfoot. You may also want to leave small children with a friend or sitter during the bustle of the move itself.

 

# 4: Keep everyone refreshed

Whether you're using professional movers or just your friends, make sure that everyone is comfortable and hydrated. If it is a hot day, provide lots of cold beverages and snacks. On cold days offer hot chocolate and coffee. Ordering pizza for lunch is a nice way to show everyone you appreciate all the hard work.

 

# 5: Keep neighbors (old and new) happy

Keep the moving truck from blocking other driveways, and make sure not to walk through your neighbor's lawn or flowerbeds. Move during the day to avoid disturbing the neighborhood.

 

# 6: Last walkthrough

Be sure to leave your old house as clean as you'd hope to find your new one. Check one last time for any forgotten items, leave one or two lights on (to make the home seem warm) and lock all doors and windows.

 

# 7: Coordinate your move

 

If using professional movers, ask any remaining questions, finalize all contact information, and sign both the bill of lading and inventory sheet after careful review. Go over the destination address and projected route, as well as expected travel time.

I hope these tips help you as you near your own moving day. You'll also find more resources for relocation on my website http://www.vegasprimehomes.com.

If you need any help or have questions about moving companies, we would love to be of assistance. Together we can ensure that your move becomes a smooth and successful one.

 

RM Realty Group: BHHS Nevada Properties

RM Realty Group 
Info@rmrealtygroup.co / 702-994-4967

RM Realty Group: BHHS Nevada Properties 3185 St. Rose Parkway, Suite 100 Henderson, Nv. 89012 

http://www.vegasprimehomes.com

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