Las Vegas home sales up 280%.
ReviewJournal.com – Business – HOUSING SECTOR: Economic woes hit home.
My title is about a accurate as the one from the LV Review Journal linked above. Existing single family home sales for September in Las Vegas were 2,783, which is a 280% increase from the 990 sold in September 2007. The economic woe is that average prices continue to fall. I would like to compares some pros and cons concerning the Las Vegas housing results for September.
PRO: Home sales figures continue to recover, increasing 8 out of 9 months this year.
CON: Existing home prices continue to fall, down over 31% from a year earlier.
PRO: Inventory as month’s supply continues to fall, now at a 7 months supply according to MLS data. This compares nicely with over 2 year supply one year ago.
CON: Prices continue to fall. Median single family home prices fell 7.5% from August to September. Median condo price fell 2.9%.
PRO: Buyers are aggressively going after bank owned properties:
…most bank-owned properties receive multiple offers. Buyers are frequently outbid even when a submitted offer is above list price…
CON: 2/3 of sales continue to be bank owned properties. I continue to believe that bank property dumpage continues to be the driving force in continued price declines.
The final paragraph of the LVRJ article does a pretty good job of echoing my beliefs on what these numbers tell us:
“The good news in the equation is sales are up and inventory is down,” Rick Brenkus of Keller Williams Realty said. “The third leg is prices need to stabilize, and unfortunately we haven’t seen that yet. We’re still burning through the foreclosures and bank-owned properties.”
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