Reported highlights for August include:
- The median sales price of a single-family home sold in the Las Vegas area in August was $312,000, up less than 1 percent from $310,000 in July and slightly lower than June's record price of $315,000. This month's median home price represents an annual increase of 1 percent from August 2005.
- For local condos and townhomes, the median sales price in August was $206,500 -- up 2.5 percent from July and up 3.8 percent from one year ago.
- The total number of local homes sold increased in August, up 5.1 percent from July to 2,097 homes sold. That is down 37 percent from August 2005.
- For condos and townhomes, 512 units were sold, up 1.4 percent from the previous month and down 37.1 percent from one year ago.
- The number of local homes, condos and townhouses listed for sale on the Multiple Listing Service continued to level off in August.
- The number of available homes listed in the Las Vegas area through August was 20,384, slightly topping the record total of 20,273 set in July. This is an increase of 32.8 percent from last August. The number of available condos and townhomes reached 5,040, a 2.9 percent increase from July and a 90.3 percent increase from last year at this time.
- Through August, 59.1 percent of all single-family homes and 64.3 percent of all condos and townhomes sold in fewer than 60 days.
Linda Rheinberger, GLVAR President, explains these statistics are further proof of what GLVAR leaders have been describing for months as a buyer's market.
"These statistics reflect sales during the end of summer. This is generally a slower time in our housing market," Rheinberger said.
"We're always cautious about reading too much into results from a single month. But these GLVAR statistics show the pendulum swinging in the direction of buyers, who now have more housing options than they've ever had before."
It's a great opportunity for those looking to enter the market.