December 12, 2007
A glimmer of hope
for LV housing
Sales stats seen as
indication bottom of slump is near
By Hubble Smith.
Nobody's ready to declare
that the Las Vegas housing market has reached bottom, but
some real estate experts are convinced the floor is at least
being established.
The inventory of homes for sale receded slightly in November
to 23,494, about 400 fewer than the previous month, and
sales remained below 1,000 for the third consecutive month,
the Greater Las Vegas Association of Realtors reported.
Inventory is up 19.1 percent from a year ago and sales are
down 37.4 percent, but the hard numbers have leveled off
over the past few months.
"It appears we have reached the bottom everyone is waiting
for," Robin Camacho of American Realty & Investments said.
"December is looking horrible, but it's December and it's
always the worst month. November did finish flat. Pending
sales were rising, then stalled. Now they are rising again,
which means in 30 to 60 days, sales should be rising.
"Unfortunately, foreclosures and short sales are still
rising. But listings are decreasing and pending sales are
rising. These are the positive signs we've been watching
for."
The number of condominiums and townhomes listed for sale
fell 0.9 percent in November to 5,989.
Realtors sold 968 single-family homes in November at a
median price of $273,500, an 11.2 percent decline from a
year ago. Condo and townhome sales fell 50 percent to 162
and the median price is down 10 percent to $180,000.
Association President Devin Reiss said November statistics
reflect slower sales and stable inventory that the holiday
season traditionally brings. However, he still believes it's
a good time to buy a home because of low interest rates,
abundant housing choices and a strong local economy.
A study recently published by Applied Analysis, a Las Vegas
financial research firm, concluded that Las Vegas will
experience a housing supply shortage by late 2009 or 2010.
The data further support the assertion that it is a buyers'
market, Reiss said.
Debi Averett of Phoenix-based Housingdoom.com said the
market is definitely in the "winter doldrums." Inventory is
down because few people want to sell their home during the
holidays. They'll take it off the market, wait 90 days and
list it again so it doesn't look like it's been on the
market forever, she said.
"The median (price) has been declining faster than I
thought, courtesy of the credit crunch," Averett said. "The
good news there, though, is for all the pain the market is
going through, we are headed back to the world where Las
Vegas housing is in line with people's wages. No one likes
picking up the paper and reading that their net worth is
dropping every month, but at least when things eventually
stabilize, people should have more money in their pockets to
do something besides make the house payment."
Camacho said she expects sales to drop again in December and
January, but not as much as would generally be expected for
the winter holiday season.
"Prices are still dropping, in large part because investors
are buying up the best deals," she said. "But with sales
flat and pending sales rising, it shouldn't be long before
prices stabilize and begin to climb as excess inventory is
absorbed. Prices are still dropping while sales are rising.
I think we have an ideal buyers' market that won't last much
longer."
The Greater Las Vegas Association of Realtors' statistics
are based on sales through the Multiple Listing Service and
do not necessarily include sales of new homes by builders
and other transactions not involving a Realtor.
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| 2003 © www.john-chapman.com
Real Estate information contained in this site deemed
reliable but not guaranteed for Las Vegas, Henderson,
Summerlin, Green Valley, North Las Vegas, Boulder City ~ Las
Vegas Real Estate. This covers MLS Las Vegas commercial real
estate or residential homes in Las Vegas, Henderson,
Summerlin, North Las Vegas and Green Valley NV. John Chapman
is a Realtor for RealEstate.com and serves real estate
clients looking for homes, condos, lofts, investment
properties and high rise condos in Las Vegas, Henderson,
Summerlin, Green Valley, North Las Vegas and Boulder City
NV. Floor plans and prices for new high rise condos, Las
Vegas homes and lofts are subject to change. Las Vegas MLS
multiple listing service data is provided by the Greater Las
Vegas Association of Realtors and includes Henderson,
Summerlin, Green Valley and North Las Vegas.
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