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