Las Vegas September 2008 Home Sales Report
September sales of existing single-family houses in the Las Vegas region more than doubled from a year ago as the median price paid for those homes dove 31 percent. Foreclosures rose to 82 percent of all resales, a real estate information service reported.
While the number of single-family houses resold in September shot up 123 percent from a year ago, the increase in overall transactions was more modest thanks to declining sales for newly built homes.
A total of 4,243 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County) in September, up 4.8 percent from August and up 38.9 percent from September 2007, according to MDA DataQuick. The San Diego-based firm tracks real estate trends nationally via public property records.
September marked the sixth consecutive month in which sales of existing single-family detached houses rose on a year-over-year basis.
Lower prices, especially among foreclosures, are fueling the recent burst in sales, which were the highest for a September since 2005.
The median price paid for all homes sold in the Las Vegas metro area was $205,000 in September, down 4.7 percent from $215,000 in August and down 29.1 percent from $289,000 in September 2007.
The median sale price has fallen on a year-over-year basis for 17 consecutive months and is now 34.3 percent below the region’s peak $312,000 median in November 2006. September’s median was the lowest since it was $200,000 in February 2004.
The median price paid for resale single-family (detached) houses fell to $196,000, down 30.6 percent from a year ago. That median was last below $200,000 in December 2003, when it was $193,000.
Another gauge analysts watch suggests greater price declines: The median price paid per square foot for resale detached houses fell to $108 in September, down 34.9 percent from a year ago and down 43.2 percent from the $190 peak reached in June 2006.
The median sale price – the point where half of the homes sold for more and half for less – has plunged for several reasons: Widespread home price depreciation; higher prices and qualifying standards for “jumbo” mortgages, which has undermined higher-end sales; and buyers’ preference for discounted foreclosures.
About 82 percent of the Las Vegas-area houses and condos that resold in September had been foreclosed on at some point in the prior 12 months.
Las Vegas-Paradise, NV MSA
|
|
# of
Sales |
Median
Price |
|
Sept-07 |
Sept-08 |
% Chg |
Sept-07 |
Sept-08 |
% Chg |
| Resale houses |
1,303 |
2,901 |
122.6% |
$282,500 |
$196,000 |
-30.6% |
| Resale condos |
317 |
429 |
35.3% |
$180,623 |
$120,000 |
-33.6% |
| New homes |
1,434 |
913 |
-36.3% |
$310,290 |
$251,905 |
-18.8% |
| All homes |
3,054 |
4,243 |
38.9% |
$289,000 |
$205,000 |
-29.1% |
Media calls: Andrew LePage (916)456-7157 or John Karevoll (909) 867-9534
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