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Condo Sales Increase, Average Price Falls

LAS VEGAS-August sales of condos and townhomes in the region were up 35% from the same month last year while the average sales price fell by the same percentage.

By Brian K. Miller | Updated on September 15, 2008

LAS VEGAS-Local housing statistics show an increase in sales, a corresponding drop in pricing and shrinking number of listings. Condo and townhome sales in August came in at 385 units, up 35% compared to the same period last year while the median sale price fell by 35% to $123,000, according to the Greater Las Vegas Association of Realtors. Single-family home sales grew 93% to 2,532 units from August 2007 while the median sale price fell 30% to $210,000. Compared to July 2008, which marked the seventh consecutive month of increasing home sales, condo sales were up 7.5% and the median price was down 8.9%; single family home sales were down 1.8% and the median price was down 4.5%.

GLVAR leaders attributed these declining home prices to the unprecedented number of bank-owned properties on the market and the fact that about two out of every three homes being sold here each month are now owned by lenders. “Of course, this is great news for qualified buyers, who are finding bargains all over town,” says GLVAR President Patty Kelley. “Once we sell off this inventory of homes in or nearing foreclosure, prices will begin to increase.”

The number of condos and townhomes listed for sale in August was 5,390, which is down 2.7% from the previous month and down 13.4% from August 2007, according to GLVAR. The number of single family homes listed came in at 23,423, a 3% decrease from the previous month and a 6.7% decrease from August 2007.

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