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GLVAR November 2011 Housing StatisticsBy: Tiffany James, GLVAR Communications Director , 12/8/2011
The newly released GLVAR November housing market statistics showed an uptick in the median price for homes last month, while the total number of homes on the market continues to dip. Total Las Vegas homes sales through November is 43,936.
This year, home sales are on pace to tie or beat the biggest selling year in 2009 where total residential sales for the year totaled 46,879.
For the full press release and more stats data visit GLVAR's newsroom.
12/8/2011
Category: Department Articles
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Comments (2)
Xiao Qing Lu - Keller Williams Realty Las VegasDecember 22, 2011 at 8:27 PM
What statistics, not informative at all. I can help write the monthly housing statistics much better than what is presently here. If say the word I'll write for December month. Realtor profession must be better represented. This is a poor image of materials from 11,000 member group.
Xiao Qing Lu - Keller Williams Realty Las Vegas
December 27, 2011 at 8:38 PM
If you were to ask me, we are shifting into a seller's market. I say this because anytime there is less than 5 months of inventory available, it is considered a seller's market. Anytime there is more than 6 months of available inventory it is considered a buyer's market. With 11,727 homes available for sale as of 12/19/2011, and an average of 3,500 homes sold each month, we have 3.3 months of inventory One key observation is that bank owned homes is going down in volume. Exactly 18.7% of the existing inventory is bank owned homes or foreclosed homes. The remaining volume is evenly split between short sale homes and traditional sales or flip homes. Total available inventory as of 12/19/2011 is 11,727 Bank owned inventory is 2,201 Short sale inventory is 5,344 Traditional/flip inventory is 4,169 Median price of sold homes is $125,000 up from $120,000 a month ago Median price of sold condos is $55,500 $1,095 is the median price of rental homes *Nevada: Cell Phone Law and Legislation:* Effective January 2012, handheld cell phone usage and texting will be banned while driving. Warnings will be hand out in October 2011. Fines are $50 then $100 and then $250.
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