Home Sales Limp through 2006

The Las Vegas Valley’s housing market limped to a close in December following a record breaking year of activity in 2005. There were 1,644 homes sold last month or 32.5 percent fewer than the previous year, reports the Greater Las Vegas Association of Realtors (GLVAR). Median sale prices dipped to $306,100 in December for a 2 percent drop from 12 months earlier. Available inventory soared to 17,834 units last month, which is 33.3 percent more than in 2005.

“[This year] is going to be about a balance in the market,” said Devin Reiss, GLVAR president. “Prices have decreased so slightly that it's hard to believe that we can expect anything other than the status quo for this market through 2007.”

Condo/townhouse sales saw a similar bumpy ride in 2006. There were a scant 977 sales in December, which is 32.7 percent less than in 2005. Meanwhile, condo/townhouse listings swelled to 4,833 units for an 86.2 percent increase over the previous year. And median sale prices dropped to $195,000 last month for a 4.4 percent decline over 2005.

Record inventory and stagnant pricing were reflected in the total dollar value for home sales in December with $614 million worth of activity or 33.5 percent less than in 2005. Condo/townhouse sales didn't fare much better with $86.8 million worth of activity last month, a 32.4 percent drop from the previous year.