Las Vegas Real Estate Market Report: 02/11/09
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Las Vegas Real Estate Market Condition Report for January 2009

January 2009 Las Vegas Real Estate Fast Facts

Courtesy of Larry Murphy, 

SALES:  Existing home sales reached 2,737 - a 71.1% increase over last January.  Unfortunately, that was an 11.7% decline from December's totals.  New homes fared far worse.  The average number of sales per subdivision totaled 0.81 - the lowest in this century.   The total of 284 new home sales is a number not seen in decades in this market.  It is a 66% decline from last January and a drop of 55.1% from December.  There were only 10 closings in the vertical market (hi-rise/mid-rise).

  While the pricing picture is slightly brighter than sales, it is still dismal.  Overall new home prices slid to $233,000, down 15.3% from last January and 2.6% from last month.  When vertical product is factored out (new homes and condominiums only), the price drop is very similar: $230,000, which is 15.1% below last January and 2.9% under last month. 

Existing home prices (and sales) are very much affected by foreclosures.  The median price of an existing home in January was $150,000, down 37.1% from last January and 6.3% from last month.  Almost two thirds of existing home closings this month (64%) were bank-owned homes with a median price of $139,000.  The balance (36%) were non-bank owned homes with a median closing price of $170,000.

INVENTORY:  The number of homes found on the MLS was 20,673, the lowest total since September.  But, at current sales rates, that number still represents 8.6 months of inventory.  And, almost two thirds (65%) of those homes are vacant.  You will notice a new term this month regarding MLS listings “DOM” (Days On Market).  It has been replaced by  CDOM (Cumulative Days On Market).   The CDOM reflects the total time a listing is on the market, even it has been listed for multiple terms and even if listed with different brokers.  Thanks to Forrest Barbee of Prudential Americana for sharing this new methodology with us.

The number of new home subdivisions continued its 19 month slide to 350.  That's down 33.3% since last January and 4.9% from December.  The number of new home permits continued in the three digit range, coming in at 183, the second lowest total of the decade and a drop of 48.2% from last January.

Foreclosures increased to 2,356, a 37% jump from last January and 8.2% above December's figure.