Las Vegas Region December Home Sales

Las Vegas-area home sales fell on a year-over-year basis for the seventh consecutive month in December as buyers struggled with a tight inventory of homes for sale and foreclosure resales continued to dwindle. The median sale price -- boosted by both price appreciation and the market's shift toward more mid- to high-end transactions -- rose to the highest level in nearly four years, a real estate information service reported.

In December, 4,476 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County). That was up 8.0 percent from the month before and down 7.6 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

The region's sales typically rise between November and December, with that gain averaging 12.3 percent since 1994, when DataQuick’s complete Las Vegas area statistics begin.

December's total sales were the lowest for that month in four years and were 8.4 percent below the average number of homes sold during all months of December since 1994. However, if newly built homes are excluded, sales were above average. Resales of houses and condos combined were 23.1 percent higher than average for the month of December, while sales of newly built homes were 59.4 percent below average for the month. Although new-home sales remain low in an historical context, they’ve been rising in recent months, increasing 41.5 percent in December compared with a year earlier. December’s new-home sales were the highest for a December in five years.

In the overall market in December, sales of mid- to high-cost homes continued to jump compared with year-ago levels, while the number of low-end deals fell sharply.

Sales of homes priced below $100,000 fell 44.5 percent in December compared with a year earlier. Transactions below $200,000 declined 18.5 percent year-over-year. December sales of homes priced from $200,000 to $500,000 – a range that would include many move-up purchases – jumped 40.0 percent from a year earlier, while sales over $500,000 rose 37.1 percent. (Sales from $200,000 to $500,000 accounted for 26.4 percent of all activity, while the $500,000-plus market made up about 2.2 percent of all sales).

The median price paid for all new and resale houses and condos sold in the Las Vegas metro area in December was $145,203, which is the highest since the median was $152,500 in February 2009. The December median was up 1.9 percent from November and up 26.3 percent from a year earlier. The median has risen year-over-year for nine consecutive months. The previous annual gains were 23.9 percent in November, 19.2 percent in October, 19.1 percent in September, 18.2 percent in August, 12.1 percent in July, 8.7 percent in June, 4.3 percent in May, and 1.7 percent in April. Prior to April last year, the Las Vegas region median price fell year-over-year for 18 consecutive months.

The recent sharp gains in the median sale price reflect price appreciation triggered by strong demand meeting a relatively low supply of homes for sale, as well as a change in the market mix: Fewer of the homes re-selling are lower-cost foreclosed properties, and more are mid-to high-end homes. Included in the latter is the increase in sales of newly built homes, which on average are more expensive than resale homes. In December, new homes accounted for 16.9 percent of total sales, up from 11.0 percent of sales a year earlier.

The December median sale price was 53.5 percent below the median’s November 2006 peak of $312,000. The median has been rising off a cyclical low point of $110,000 in January 2012, which was the lowest level since the median was also $110,000 in April 1994.

An alternative home-price gauge – the median paid per square foot for resale single-family detached houses – rose to $78 in December. That was up 2.6 percent from November and up 20.0 percent from a year earlier, marking the seventh consecutive month with a year-over-year gain. (Last January’s $64 median per square foot was the lowest for any month since at least 1994.) The December 2012 figure was 59.0 percent lower than the peak $190 paid per square foot in May and June 2006.

Foreclosure resales continued to wane in December, while short sales made up a substantially higher share of the resale market compared with a year earlier.

Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 11.7 percent of Las Vegas resale activity in December – the lowest since June 2007, when it was 11.0 percent. December's figure was down from 13.5 percent the month before and 52.3 percent a year earlier. Foreclosure resales peaked at 73.7 percent of the resale market in April 2009.

Short sales – transactions where the sale price fell short of what was owed on the property – accounted for an estimated 43.5 percent of the Las Vegas-area resale market in December. That compares with an estimated 41.5 percent the prior month and 27.9 percent a year earlier. The estimated short sale level has exceeded the foreclosure resale level for the past seven months.

In the wake of an October 2011 Nevada law that created additional requirements for lenders trying to foreclose on properties, the number of notices of default (“NODs”) filed in Clark County plummeted. However, over the past few months NODs have trended higher compared with a year earlier. In December, lenders filed NODs on 1,711 single-family houses and condo units, up 2.5 percent from the prior month and up 85.8 percent from a year earlier. In 2012, lenders filed 17,666 NODs, down 59.7 percent from 2011. The notice of default is the first step in the formal foreclosure process.

In December, lenders foreclosed on 697 single-family house and condo units in the Las Vegas region, up 10.5 percent from the month before and down 60.2 percent from a year earlier. Last year lenders foreclosed on 13,087 homes, down 60.0 percent from 2011.

Many of these distressed homes are purchased by investors, who continue to account for a near-record share of all sales.

Absentee buyers – mainly investors and vacation-home buyers – purchased 50.6 percent of all homes sold in the Las Vegas area in December. That was up from 49.0 percent the month before and up from 47.2 percent a year earlier. The peak was 51.2 percent last March. Absentee buyers paid a median $125,000 in December, up 31.6 percent from $95,000 a year earlier. Absentee buyers are those who indicated at the time of sale that the property tax bill will go to a different address.

In December, 135 Las Vegas-area buyers purchased two or more homes on the open market (excludes foreclosure auctions). That was down from 157 multi-home buyers during December 2011, based on an analysis of buyer names in the public record. (Note: In some cases individuals and partnerships buy under different names). In December 2012, multi-home buyers purchased 512 homes, which amounts to 11.4 percent of all homes sold and represents a nearly 24 percent increase from the number of properties that multi-home buyers purchased in December 2011. There were 44 buyers in December 2012 that each purchased three or more homes, but only eight of them bought 10 or more. Combined, the eight buyers who purchased 10 or more homes in December 2012 acquired 185 homes, or about 36 percent of all homes bought by multi-home buyers. In December 2011, two purchasers bought more than 10 homes, buying a total of 38 properties.

Cash buyers purchased 52.8 percent of the Las Vegas-area homes that sold in December. That was up from a cash-buyer share of 50.7 percent of total sales the month before and up from 48.9 percent a year earlier. The peak was 56.7 percent in February 2011. Cash purchases are where there is no sign of a corresponding purchase mortgage in the public record. Cash buyers paid a median $120,000 in December, up 48.1 percent from $81,000 a year earlier.

Las Vegas-Paradise, NV

Number of sales Dec-11 Nov-12 Dec-12 YOY % Change
Resale houses 3,432 2,734 2,970 -13.50%
Resale condos 875 671 749 -14.40%
New homes 535 738 757 41.50%
All homes 4,842 4,143 4,476 -7.60%
         
Median sale price Dec-11 Nov-12 Dec-12 YOY % Change
Resale houses $117,500 $140,000 $145,000 23.40%
Resale condos $60,000 $72,930 $76,000 26.70%
New homes $207,095 $204,679 $209,135 1.00%
All homes $115,000 $142,500 $145,203 26.30%

Media calls: Andrew LePage (916) 456-7157


Copyright 2013 DataQuick. All rights reserved.

California November Home Sales

December 16, 2014

Bay Area Home Sales Slowest in Six Years; Single-Digit Price Increase

December 16, 2014

Southern California November Home Sales Fall Sharply; Median Sale Price Holds Steady Again

December 15, 2014

California October Home Sales

November 13, 2014

San Francisco Bay Area Home Sales Edge Higher; Price Growth Ratchets Down Again

November 13, 2014

Southern California Home Sales Dip To Three-Year Low; Smaller Year-Over-Year Gain for Median Sale Price

November 12, 2014

Las Vegas Region September Home Sales

October 30, 2014

Golden State Foreclosure Starts Continue to Decline

October 17, 2014

California September Home Sales

October 14, 2014

Strongest September for Bay Area Home Sales in Five Years; Prices Flat

October 14, 2014

Southland Home Sales Edge Higher; Price Growth Slows

October 13, 2014

Portland Region August Home Sales

October 2, 2014

Seattle Region August Home Sales

October 1, 2014

Miami Region August Home Sales

September 30, 2014

Las Vegas Region August Home Sales

September 29, 2014

California August Home Sales

September 11, 2014

Bay Area Home Sales Slow in August; Prices Increases Ease Back

September 11, 2014

Southland Home Sales Sputter; Median Sale Price Hits 80-Month High

September 11, 2014

Las Vegas Region July Home Sales

August 27, 2014

California July Home Sales

August 14, 2014

Sluggish Bay Area Home Sales in July; Prices Up – at a Slower Pace

August 14, 2014

Southland Home Sales Fall Yr/Yr Again; Prices Rise at Slower Pace

August 13, 2014

Las Vegas Region June Home Sales

August 8, 2014

Million-Dollar Home Sales Up Again in the Golden State

July 31, 2014

California Foreclosure Starts Lowest Since 2005

July 17, 2014

California June Home Sales

July 16, 2014

Bay Area Home Sales Up Slightly; Price Increases Slow

July 16, 2014

Southland Home Sales Down from Last Year Again; Price Gains Throttle Back

July 15, 2014

Seattle Region May Home Sales

July 1, 2014

Miami Region May Home Sales

June 30, 2014

Las Vegas Region May Home Sales

June 25, 2014

California May Home Sales

June 12, 2014

Bay Area Home Sales Constrained by Supply; Prices Continue to Rise

June 12, 2014

Southland Home Sales Slow; Median Price Rises Again but at Slower Pace

June 11, 2014

Portland Region April Home Sales

June 5, 2014

Phoenix Region February Home Sales

June 4, 2014

Las Vegas Region April Home Sales

May 28, 2014

California April Home Sales

May 14, 2014

Bay Area Home Prices Continue to Rise; Sales Up from March, Flat Yr/Yr

May 14, 2014

Faster Pace for Southland Home Sales; Median Sale Price Edges Higher

May 13, 2014

Seattle Region March Home Sales

May 9, 2014

Miami Region March Home Sales

May 7, 2014

Las Vegas Region March Home Sales

April 29, 2014

California Foreclosure Starts Hover Near 8-Year Low

April 22, 2014

California March Home Sales

April 16, 2014

Bay Area Median Sale Price Highest Since 2007; Slowest March Sales in 6 Years

April 16, 2014

Southland Home Sales Stuck at 6-year Low; Median Price Rises to 6-Year High

April 15, 2014

Phoenix Region February Home Sales

April 1, 2014

Las Vegas Region February Home Sales

March 27, 2014

California February Home Sales

March 13, 2014

Bay Area home sales slowest since 2008

March 13, 2014

Southern California February Home Sales Lowest Since 2008

March 12, 2014

Portland Region January Home Sales

March 6, 2013

Seattle Region January Home Sales

March 4, 2014

Miami Region January Home Sales

January 27, 2014

Las Vegas Region January Home Sales

February 25, 2014

California January Home Sales

February 13, 2014

Bay Area Home Sales Slowest for a January Since 2008

February 13, 2014

Southland Home Sales Drop in January; Price Picture Mixed

February 12, 2014

Las Vegas Region December Home Sales

February 7, 2014

Million-Dollar Home Sales Jump in the Golden State

January 30, 2014

California Foreclosure Starts Dip to Eight-Year Low

January 21, 2014

California December Home Sales

January 15, 2014

Bay Area Home Sales Drop to Six-Year Low; Prices Still Up Sharply Yr/Yr

January 15, 2014

Southland December Home Sales at Six-Year Low; Median Price Jumps

January 14, 2014

Portland Region November Home Sales

January 9, 2014

Seattle Region November Home Sales

January 2, 2014