Friday, December 04, 2009

Las Vegas Home Sales Increase for the 14th Straight Month; Highest October Sales Since 2006

DQNews -- First-time buyers and investors pushed Las Vegas-area home sales higher in October as the overall median sale price held at $130,000 for the fourth consecutive month. Foreclosure resales remained a major market force but continued to wane. In October, 66.8 percent of the Las Vegas-area houses and condos that resold were foreclosure resales, meaning those homes had been foreclosed on in the prior 12 months. That was down from 67.1 percent in September but up from 64.7 percent in October 2008. Foreclosure resales peaked in April this year at 73.7 percent of the region’s resales.

A total of 5,068 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area in October, up 1.1 percent from September and up 22.2 percent from a year earlier (see chart above). It was the highest sales total for an October since October 2006, when 5,693 homes sold. October marked the 14th consecutive month in which sales have risen on a year-over-year basis.

The median price paid for all new and resale houses and condos sold in the Las Vegas metro area in October was $130,000, unchanged from September but down 33.7 percent from $196,000 a year earlier.


At 12/06/2009 8:57 PM, Blogger said...

I'm looking at this to dip again for a while. The first wave of foreclosures are done, and the first wave of cash-laden investors have come in and bought.

The amount of new employees going to be added by CityCenter is overblown as many will come from existing MGM properties. At the same time, thousands and thousands of construction workers are now out of work as CityCenter opens and no new large-scale construction projects in sight.

And... as employment benefits start to run out.

Look for another wave of foreclosures, another wave of people leaving town, and another glut that might not be snapped up as quickly by investors. 2010 Las Vegas housing market will be very, very soft.

Ted Newkirk
Managing Editor
Las Vegas Insider Vibe

At 12/07/2009 11:17 AM, Blogger John Matthew Stater said...

I have to agree. I track the commercial market in LV, which is now going through its first wave of foreclosures. Things are still quite rough here economically, and won't turn around until the rest of the country feels secure enough to travel here and leave large amounts of their money behind.


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