Las Vegas Real Estate January Sales Figures
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Las Vegas Real Estate January Sales Figures

May 23, 2016 08:33 AM

The total Las Vegas luxury real estate January sales figures were the highest from that month since January 2007. There were 4,282 sold homes but it was 6.7 % lower than the average January sales tally back to 1994. Although the last month marked the 17th in a row in which total sales raised on a year-over-year basis, still its 7.7 % annual increase was the smallest during that 17-month stretch.

In all January transactions, the sales of homes priced below $200,000 made up 78.7 %. It was higher if you will compare it with 77.1 % in December and 65.75 in January 2009.

The resales of Las Vegas houses and condos have risen on a year-over-year basis for 21 straight months. In January, there were 3,092 total number of houses and condos that resold (excludes new home). It was down 34.5 % from December but 7.4 % higher from a year earlier to the highest point since 3,405 resales in January 2006.

The new-home sales were the slowest since at least 1994. The sales of newly constructed homes, including condos and condos conversions fell down to 275 last month. It was down 53.7 % from December but up 10.4 % from a year earlier.  However, the decline in new home resales in January helped push the overall median sale price down from December.

The year-over-year decline in the median price paid for all new and resale houses and condos sold in the Las Vegas metro was the smallest since May 2008. The median price in January was $125,750, down 2.5 percent from $129,000 in December and down 20.9 % from $159,000 a year earlier. The median dropped 17.3 % from a year earlier to $239,900. The overall sale price has fallen on a year-over-year basis for 33 consecutive months. January stood 59.7% below the peak of $312,000 median price in November 2006.

The median price paid for single-family detached houses resales held at $135 in January 2010 and October 2009, but down 18.2 % from $165,000 a year earlier. It was 56.8 % lower than the peak of $ 312,250 median in June 2006.

The January median price for resale Las Vegas luxury condos was $69,000, down from $73,000 in December and down 14.6 % from $80,750 a year before. For the past nine months, the resale condo median has been hovering a bit below or above $70,000. It was 66.0 % lower than its $203,000 peak in July 2006.

The median paid per square foot for resale single-family detached houses, as an alternative price gauge stayed parked at $76 in January 2010 and October 2009. But it was down 15.6 % from $90 last year. The January’s figure was 60 % below the June 2006 peak of $190 per square foot.


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