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Home prices continue to tumble
Median price down 33 percent in December compared to last year
Thu, Jan 8, 2009 (1:11 p.m.)
Sun archives
- Dec. 29 -- Single family home sales in 2008, Clark County
- Nov. 25 -- Index: Vegas home prices at January 2004 levels
- Nov. 18 -- Home prices show signs of stability in October
- Nov. 10 -- Home sales, prices fall in October
- Oct. 8 -- Home sales up last month as prices continue tumble
- Sept. 12 -- Nevada holds on to nation’s highest foreclosure rate
- Sept. 9 -- Home prices slide as sales activity stays steady
Las Vegas home sales were brisk in December, but they came at a price.
The median price of homes sold on the Multiple Listing Service in December fell $11,000 to $175,000, according to the Greater Las Vegas Association of Realtors. That’s a 33 percent drop since December 2007. The prices — more reflective of prices in 2003 — show no indication of stabilizing.
The median price of new listings in December was $170,000, an 8 percent decline from November. Prices continue to fall because banks are selling homes they foreclosed. Three of four homes sold in December were owned by banks.
In December, 2,498 homes were sold, a 184 percent increase over December 2007. In November, 2,183 homes sold.
Investors looking to rent out homes for income and other buyers looking to capitalize on the affordability have kept sales strong. Most of the sales on the listing service are existing homes.
In the condominium market, 456 units sold in December, a 16 percent increase over November and 173 percent increase over December 2007. The median price was $89,900, which is down 51 percent since December 2007.
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Kind of contridicts the pundits on this site claiming prices seem to have found the floor and are stabalizing... Hmm, wonder if 10% unemployment and people with jobs making less has anything to do with that...
As a Realtor myself, I can't see any "magic date" for bottoming out.
The whole Vegas economy is tied to tourism.
Everything from home sales and prices to that guy that sells the stripper shoes there on Sahara.
The NATIONAL economy has to get way, way, way better before Vegas even begins to turn around.
Find a nice place to rent ( Realtors will find you a rental for free! ), live under your means for about a year, save for a place and be ready to pounce when the economy comes back.
IF... Barry O were to use the rest of GWBs "bail-out" money and his proposed 1 plus trillion dollars to strong arm the financial sector into giving low interest [ 2 or 3%] to all home owners reguardless of their circumstances [ excluding speculators and owners of multiple properties] the biggest part of the current "downturn" might become a past event.
To balance this out for the taxpayers Congress could pass a bill to have all who opt to participate in this have the future sale of their property treated as long or short term capitol gains and taxed accordingly.
We all understand that the economy has taken a tumble,and that many as a result have suffered great financial loss, especially people who have invested in homes in the past year. I'll explain; in Las Vegas there is a growing phenomena of builders attracting new homeowners to new developments with wonderful idyllic promises of a master planned community etc., to be completed and ready at a certain date! Thousands of innocent buyers such as myself have bought into this promise, only to find out that the builders have left the neighborhoods incomplete and have no future plans of actually completing them, and as a result the promised parks etc. look like deserted grounds. When my toddler grows up those parks will not be as important to me anymore, I was promised them now!I didn't give away my money to look at empty lots with half built walls and iron wires sticking out everywhere. The serious problem that I'm having is that these very builders then go off and begin another development elsewhere, which in turn they leave incomplete. The entire North West side of Las Vegas is a joke, it's made out of half (or less) built neighborhoods. People who have put their life savings into Pardee homes which within a few months of purchase dropped by 200k are now stuck with negative equity, and a home in an incomplete neighborhood. Those who think that they want to move to Las Vegas should bare in mind that they will be moving into what seems to be a lawless state, one which rewards the unscrupulous and strong. Shame on you Mayor Goodman that you have no interest in curtailing the actions of these builders and bringing back hope and dignity to the lives of people who put all they had into their homes. If anyone reading this feels the same way and wants to fight the system and help change the laws pertaining to builders in this state, please send a comment too.
karnenl, if there's some actual written promise that there would be a park ect, you might be able to sue Pardee for misleading you into buying a home. As for your home's worth, I'm super sorry. Unfortunately a lot of builders have the McMansion idea of a home.
Build as big of a home through a template as possible.
Squeeze some back/front yards in.
Throw a gate around the area.
Give it a pretentious name and give all the streets pretentious two word names like, Timid Faun Ave. Rustling Brook St. Snow Owl Ct.
Mix, match, and repeat.
I'm sorry you got a dud, but when you put them up that fast and that often, a lot of things pass by the wayside.
lol, redferret.
my first condo in vegas was at sunset and boulder highway.
my street name was:
strolling plains lane. HAHAHAHA!
there is not a plain OR a place to stroll within 600 miles.
i feel so bad for people that bought homes in the southwest there around warm springs / 215 and jones / rainbow because that's were there was going to be a new station's casino and that looks like it's never going to happen.
like i said above, i am a realtor, and things are really bad and getting worse.
there's SO many vacant homes that haven't even gone INTO foreclosure. people got upside down, lost 50% of the home value, then got laid off and just packed up and left.
stevem,
Before all this started with house prices going down and foreclosures etc, is it not possible that the people who were wanting a home, were not only led on by the banks etc, but they were too easily led on by the banks. Couldnt they see for themselves that borrowing SO MUCH money, which was way ahead of what they could afford, yet still hoping that the property prices would continue upwards, and eventually make a killing.
These people are to blame just as much as the banks for borrowing too much money. Now these home owners are wanting the government to bail them out.
I am a Las Vegas Home owner I have owned my present house for 9 years, I did not over buy for my income I have NEVER been late on a payment,my interest rate is 7.5% with an excellent credit score. I am sure there are many people out there just like me, why shouldn't we be rewarded to re-fi to the lower rates in the 5% range, after all we have been resposiable and given the opportunity we would pump the extra $ into our economy. I think the "bail-outs" are sending the wrong message,don't help the guy who does wrong help the guy that does right!
mali60, The only difference between you, and say your neighbor who is in foreclosure, is that you were LUCKY enough to purchase your home at a great time and at a great price. I am sure it's not very difficult making those $150K payments. However the poor sucker who bought the house next to you in 2006 is probably hooked into paying about triple or quadruple.
Now if the economy were still as strong as 2006, those people would have no problem making their inflated payments. But it's not and people are not making as much money as they were, hence the inability to afford their high payments.
Just because you purchased your home in 1999 or 2000 and got in at the right time DOES NOT make you a better or more responsible person than the poor sucker who but in 2006. I looked high and low for a 3bd home for $150k in 2006 and could not find one, they were all $350k. Consider yourself LUCKY pal. You really need to wake up and realize that this problem is far beyond people being irresponsible and lazy. Pointing fingers and kicking others while they are down is not going to solve a thing.
Having lived in, or passed through, communities plagued by a complete collapse of the market, any bottom is possible.
The keen thing to watch in tracking trends is the lowest price for which houses are selling rather than average. Heirs of deceased residents and note holders who acquired their note from another who acquired it from another, will occassionaly be selling properties for 1/3 to 1/5 of the average price.
I have seen old farm communities in the eastern great plains, rust belt communities in Ohio, mining towns in Pennsylvania, and oil towns in Texas where wells were pumped dry, with row after row of one time beautiful properties crumbling on their foundation decades after a collapse.
Believe me, Las Vegas will be one of those communities in time.
I'm guessing $ 125,000.00 will be the average by the end of the year.
I'm not sure how quickly things will shrink, but the 2020 census is going to come in 30% - 40% less than the 2010 census.
Jobs will come back to other areas of the country and Las Vegas will no longer be relevant.
Keep on rock'n in the free world.
"Believe me, Las Vegas will be one of those communities in time. Jobs will come back to other areas of the country and Las Vegas will no longer be relevant."
Not likely, you have no idea what you are talking about. You are comparing apples to oranges. Las Vegas will come back stronger than ever. It might take a couple of years, but it will.
Your post is more about what YOU want to see happen, not what will happen.
LasVegasWilly