Las Vegas Sun NewsRealtors: Las Vegas home prices off 8.6 percent from September 2010
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11 October 2011
8:08 a.m.
Las Vegas-area home prices in September fell from year-ago levels while sales stayed strong thanks to investors snapping up homes at bargain prices, the Greater Las Vegas Association of Realtors reported today.
In a market still influenced by high foreclosure and unemployment rates, the Realtors said the median price of single-family homes sold in September was $123,400. That’s up 2.8 percent from $120,000 in August, but down 8.6 percent from $135,000 one year ago.
The median price of local condominiums and townhomes sold in September was $56,500, up 0.9 percent from $56,000 in August, but down 13.1 percent from $65,000 one year ago.
The GLVAR, whose report focuses on existing properties as opposed to new construction, said the total number of local homes, condominiums and townhomes sold in September was 4,108. That was down from 4,693 sales in August – the second-best month ever for existing home sales in Southern Nevada.
But September’s sales total was up from 3,603 sales one year ago.
“This month’s report is about what we expected,” GLVAR President Paul Bell said in a statement. “Local home sales usually fall a bit in September after peaking in the summer.”
The pool of buyers in Las Vegas has been limited by the elevated unemployment rate, which was 14.2 percent in August.
Investors, in the meantime, continue to find bargains as research firm RealtyTrac reported that in August, Nevada and Las Vegas led its national lists of home mortgage default notices for states and cities, respectively. These notices are the first step in the foreclosure process.
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I was thinking about buying a home n Las Vegas, Seems to be some great bargains in summerilin in the Del Webb Community but I believe I will wait about a year. Doesn`t seem to be a chance prices will be going up. thoughts?
thanks
Moved here from CT a month ago. My mortgage and taxes on a great and similarly sized house (though a lot less area than the acre I used to have) is less than what I paid on PROPERTY TAXES ALONE in CT. Off the financial treadmill and loving it!
The late Hal Rothman, PhD, chairman of the history department at UNLV, described Las Vegas as "the last Detroit" in one of his many books "Neon Metropolis."
Las Vegas has become the "next" Detroit, for the exact same reasons Detroit, once a thriving metropolis based on a single industry - auto production - is in abject decay and failure..
Strong sales, even at rock bottom prices, are a good sign. It means individuals and banks are biting the bullet and taking the losses. The market is getting closer to being reset, with recovery on the horizon.
This real estate recession has hurt many people, and I feel bad for them. But this is how markets work. Buying low and selling high is the goal, but the opposite often happens, too.
@desertfox: I don't buy the Detroit analogy. Yes both are/were single industry metro areas, but after that there are major differences. Weather and taxes being two. Vegas is not dead. It;s struggling but it will get better.
desertfox, please read the comment before you by thewookie. And welcome wookie.