GLVAR Reports Home Prices Started The New Year Like Where They Left Off In 2013
GLVAR Reports Home Prices Started The New Year Like Where They Left Off In 2013
GLVAR reports home
prices started 2014 where they left off in 2013LAS VEGAS – Southern Nevada home prices picked up in 2014 where
they left off in 2013, according to statistics released today by the Greater
Las Vegas Association of REALTORS® (GLVAR).
reported that the median price of an existing single-family home sold in
Southern Nevada during January was $185,000, unchanged from December and up
23.3 percent from January 2013, when the median price was $150,000. Meanwhile,
the median price of existing condominiums and townhomes sold in January was
$92,500, down 3.6 percent from $96,000 in December, but up 23.3 percent from
$75,000 one year ago.
President Heidi Kasama, a longtime local REALTOR® who succeeded 2013 President Dave Tina
on Jan. 1, said local home prices have stabilized recently after appreciating
for two years. For instance, she said existing local home prices bottomed out
at a median price of $118,000 in January 2012 before rising for a record 19
straight months until September 2013. Local home prices are still well below
their June 2006 peak of $315,000.
is usually one of our slowest months for home prices and sales, so it’s not
surprising to see that prices were so similar to the previous month,” Kasama
said. “For the most part, I think these stable prices are an indication of a
fairly healthy housing market. At the same time, we’re still dealing with some
challenges. There’s uncertainty surrounding short sales, since Congress has not
extended the Mortgage Forgiveness Debt Relief Act that expired Dec. 31. If
Congress doesn’t go back and extend this law and make it retroactive to Jan. 1,
it can create a big tax hit for anyone who did a short sale in 2014.”
said REALTORS® are
pushing Congress to extend this act for at least another year to help
distressed homeowners. Unless Congress votes to extend this act retroactively,
as members of Nevada’s congressional delegation are proposing, any amount of
money a bank writes off in agreeing to sell a home as part of a short sale
starting in 2014 may become taxable when sellers file their income taxes.
Without this tax relief, Kasama expects fewer short sales this year.
continued last year’s transition from distressed to more traditional home
sales, where lenders are not controlling the transaction. GLVAR has been
reporting fewer foreclosures and short sales – which occur when a lender agrees
to sell a home for less than what the borrower owes on the mortgage. For
instance, in January, 17 percent of all existing local home sales were short
sales, down from 20.7 percent in December. Another 11 percent of all January
sales were bank-owned properties, up from 8.5 percent in December.
the 40,242 existing residential properties sold in Southern Nevada during 2013,
GLVAR reported that 62 percent were traditional sales. That was a big jump from
2012, when only 37 percent of all 44,902 sales that year were traditional.
said the total number of existing local homes, condominiums and townhomes sold
in the traditionally slow month of January was 2,527, down from 2,915 in
December and down from 2,821 one year ago.
the end of 2013, GLVAR reported fewer total properties listed for sale in
January than one year ago. The total number of properties listed for sale on
GLVAR’s Multiple Listing Service in January was 13,537. That’s up 1.8 percent
from 13,303 single-family homes listed for sale at the end of December, but
down 6.2 percent from 14,433 homes one year ago. GLVAR reported a total of
2,978 condos and townhomes listed for sale on its MLS in January, up 2.6
percent from 2,903 listed in December, but down 14.4 percent from one year ago.
to one year ago, GLVAR reported many more available homes listed for sale
without any sort of pending or contingent offer. By the end of January, GLVAR
reported 6,541 single-family homes listed without any sort of offer. That’s
down 0.7 percent from 6,587 such homes listed in December, but still up 96.2
percent from one year ago. For condos and townhomes, the 1,712 properties
listed without offers in January represented a 2.9 percent increase from 1,664
such properties listed in December and a 40.1 percent increase from one year
said 46.3 percent of all existing local homes sold in January were purchased
with cash. That’s up from 44.4 percent in December, but down from a peak of
59.5 percent set in February 2013.
median price of bank-owned homes sold in January was $148,867, down from
$159,900 in December. The median price of homes sold as part of a short sale in
January was $165,000, the same as during December.
These GLVAR statistics
include activity through the end of January 2014.
GLVAR distributes such statistics each month
based on data collected through its MLS, which
does not necessarily account for newly constructed homes sold by local builders
or for sale by owners. Other highlights include: ·
The monthly value of local real estate transactions tracked
through the MLS during January decreased by 16.2 percent for homes to more than
$461 million. For condos and townhomes, the total value of all January sales
was more than $47 million, down 33.7 percent from December. Compared to one
year ago, total sales volumes in January were up 6.8 percent for homes, but
down 26.8 percent for condos and townhomes.
· In January, 64.6 percent of all existing local homes and 55.9
percent of all condos and townhomes sold within 60 days. That compares to
December, when 69.1 percent of all existing local homes and 63.0 percent of all
condos and townhomes sold within 60 days.
Home sales head down as inventory rises.... What kind of market are we heading for?
It is uncertain what the housing market will be throughout
2014…. The only constant in real estate is that the market continues to change.
Contact me for your community’s current information. http://debra.thebrenkusteam.com/sell.php
Author:S PIZZOLATO DEBRA Phone: 702-348-8350 Dated: February 18th 2014 Views: 611 About S PIZZOLATO: ...
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