GLVAR ( Greater Las Vegas Association of Realtors) recently released its October 2014 statistics showing the plunge in median home prices and the number of homes sold in Southern Nevada per month.
Heidi Kasama, GLVAR President said, “It’s not surprising to see home prices start to dip as the weather cools off and we head into the holidays. Local home prices have been stabilizing for months, and homes are taking longer to sell. In fact, I wouldn’t be surprised to see this trend of slower sales and prices continue for the rest of 2014 and through the winter months.”
Important Points Covered in the Report
- Median price of single-family homes for the month of October was reported at $199,900. It’s down by 1.3% compared to September’s $202,500.
- Total number of single family-homes sold in October was 2,328 homes, down by 2.2% from September. Year-over-year, it was down by 11.4%.
- Number of new listings was reported at 3,511, an increase of 0.5% compared to last month. It was down from last year by 5.1%.
- Days on market (0-30 days) is 45.5%.
- Total home sales dollar value for units sold this period is $575,088,232. It’s up by one percent from last month and down by 5.6% year-over-year.
Another thing Kasama commented on was that the median home price we have now is still way below what we had during the peak of June 2006, when the median price of single-family homes reached $315,000.
During the bust, prices of single-family homes hit bottom with a median of $118,000. Single family home prices only started to pick up in 2012-2013. And for almost two years, GLVAR has started seeing less and less distressed properties on the market. The number of short sales has dropped by 10.6% in October, which is up from last months 10.4%.
Are you thinking of buying or selling your home? This time is the right time for you to do it. Prices have gone up and will continue to go up, so make your move before they climb even more.
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