Southern Nevada - with communities like Mountains Edge, Rhodes Ranch, Summerlin, Henderson, North Las Vegas, Anthem and Green Valley - housing market has now assumed kind of a wait and see attitude. Las Vegas mortgage borrowers are still enjoying low interest rates that keep them at least tuned in while waiting for the right property to come along. Considering that normally the winter months are a little slower the vital statistics weren't too bad. Let's get right to them, then.
There were 3,117 existing single-family home sales in November, amounting to an almost 12% drop from October, reports GLVAR, or Greater Las Vegas Association of Realtors. The pace is obviously slowing down some. But if compared to November of 2008 the closings are up some 43%, a significant difference. Now, 61% of the sales were bank REOs, a clear signal as to how disjointed the Southern Nevada's real estate market still is. 41% of them were cash purchases, indicating that investors are heavily involved in shaping at least the near-term housing picture here.
The news are better for the Las Vegas single-family home prices, as the median inched up marginally to $140,000, a 0.6% improvement. It's not that much but the main thing is that they seem to be settling down now. On the other hand, they still are about 25% lower from a year ago, so there is quite a bit of catching up to do.
The inventory of homes for sale is down 151 units, to 20,847. Small decrease, but one anyway. From November of 2008 it's an over 8% drop, a positive development in small steps. As has been the case for months already this number remains steadily high and it'll predictably do so for several more months with more foreclosure properties entering the marketplace.
Las Vegas real estate market continues to be dominated by first-time home buyers who are often taking advantage of the tax credit program and investors who come in to fatten their portfolios with great deals. Although the heart of the winter is here and typically signals a slower period the recently expanded tax credit plan for move-up buyers could spur some extra activity. Southern Nevada housing can use all the help it can get.