Southern Nevada's housing market continued its yearlong slide with 1,547 home sales in November, a 36.6% drop from 2005, reports the Greater Las Vegas Association of Realtors. Yet average sale prices climbed to $379,108 last month or 1.5% higher than in 2005. There were 19,729 units available in November, a 33.9% increase from a year ago. New listings, as a result, flatted at 4,043 units or 0.9% fewer than in 2005.
"We've been saying for months that sellers should be realistic in listing and pricing their homes for sale," said GLVAR President Linda Rheinberger. "With this month's drop in the number of active listings, it looks like our message is taking hold. Sellers who may just be speculating are either removing their homes from consideration or renting them out, which is positive."
There were a scant 324 condo/townhome sales in November for 46.1% drop versus a year ago. And average condo/townhome sale prices dropped to $225,598 or 4.4% less than in 2005. Meanwhile, condo/townhome availability skyrocketed in November with 5,144 units or 90% more than 12 months ago.
Overall, there was $586.4 million worth of home sales in November, which 35.7% less than in 2005. Condo/townhome sales registered $73 million worth of activity for a 48.4% drop over 2005.
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