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May 3, 2015

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Valley home prices plummet toward ZIP

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Ten Las Vegas ZIP codes reported drops of more than 60 percent in home sales prices from 2008’s first quarter through March, according to a research firm that tracks regional sales.

Thirteen of 56 ZIP codes in the Las Vegas Valley reported median sales prices below $100,000 in the first quarter. The drop in prices spurred 10,733 sales, a 30 percent increase from the first quarter of 2008 to 2009’s similar period.

Overall, the median price of homes sold in Southern Nevada, including Laughlin and Mesquite, fell 40 percent in the first quarter to $150,000 or $84 per square foot, according to San Diego-based DataQuick.

The firm reported that 89103 in Spring Valley, an area bounded by Spring Mountain Road to the north, Tropicana Avenue to the south, Rainbow Boulevard on the west and Interstate 15 on the east, reported an 83 percent decline to a median price of $88,000.

That ZIP code is in unincorporated Clark County, but Las Vegas and North Las Vegas reported some steep drops as well.

One of the lowest median prices of any ZIP code was $45,500 or $39 per square foot in 89101, which includes areas surrounding downtown Las Vegas. That’s a 75 percent drop from the first quarter of 2008. The drop sparked 112 sales between January and March, a 167 percent increase over 2008.

Prices fell 77 percent in 89102, an area southwest of downtown Las Vegas, to $98,000. Despite the price decline, sales in that area fell 52 percent.

The lowest median price of any ZIP code was in 89030, the area surrounding downtown North Las Vegas, at $39,000 or $34 per square foot. That’s a 78 percent drop from 2008, but it spurred the biggest increase in sales in the valley. The 195 sales in the first quarter was a 354 percent increase.

The 89135 and 89138 ZIP codes in Summerlin recorded the two highest median sales prices in the first quarter despite steep declines. The price in 89135 fell 22 percent to $270,083, and the price in 89138 fell 21 percent to $285,000.

The highest price per square foot for housing was paid in 89109 along the Strip at $320. The median sales price was $247,500, a 61 percent decline and a reflection of the condominium market. There were only 72 sales in the first quarter, a 23 percent decline from the first quarter of 2008.

In Henderson, ZIP code 89052, which includes Anthem, recorded the highest median price in the first quarter at $260,000, a 26 percent decline from 2008. There were 282 sales, a 12 percent decline, showing that lower-priced homes are generating the most sales.

The smallest price drop was in Boulder City, declining 1.1 percent to $235,000 from the first quarter of 2008 to 2009’s similar period. Sales were tepid with 32 closings, a 6.7 percent increase.

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