Las Vegas January 2008 Home Sales Report

March 14, 2008

The Las Vegas region’s median home price in January rolled back to the lowest level since summer 2004 amid the weakest sales for that month in a decade. Purchases with so-called jumbo loans over $417,000 were down nearly 86 percent from a year ago.

The median price paid in the Las Vegas-Paradise metro area (Clark County) for all homes combined was $254,900 in January, down 5.6 percent from $269,900 in December and down 16.4 percent from $305,000 in January 2007, according to DataQuick Information Systems of La Jolla, Calif. The firm tracks real estate trends nationally via public property records.

The median sale price has fallen on a year-over-year basis for nine consecutive months and is now 18.3 percent below the region’s peak $312,000 median reached in November 2006. December’s median was the lowest since it was $251,024 in August 2004.

A total of 2,511 new and resale houses and condos sold in the Las Vegas area in January. That was down 8.3 percent from 2,739 in December and down 41.4 percent from 4,282 in January 2007. December sales were the lowest for that month since 1998, when 2,452 homes sold. Purchases financed with jumbo loans over $417,000 represented 3.9 percent of all transactions last month. Before the credit crunch hit in August last year, making jumbo loans costlier and harder to get, about 12 percent of all Las Vegas sales were financed with jumbo mortgages.

Las Vegas-Paradise, NV
# of Sales Median Price
Jan-07 Jan-08 % Chg Jan-07 Jan-08 % Chg
Resale houses 1,887 1,335 -29.3% $300,000 $250,000 -16.7%
Resale condos 438 253 -42.2% $198,990 $168,000 -15.6%
New homes 1,957 923 -52.8% $335,905 $272,755 -18.8%
All homes 4,282 2,511 -41.4% $305,000 $254,900 -16.4%

Additional Statistics:      
Peak median sale price Peak Last time at peak % Jan 08 off peak
(for all homes combined) $312,000 Nov-06 -18.3%
       
Median price paid per sq.ft. Jan-07 Jan-08 % Chg
(for resale houses only) $183 $135 -26.2%
       
# sales (all homes) financed Jan-07 Jan-08 % Chg
w/jumbo loans (over $417K) 550 79 -85.6%