Home Sales Still Slow in 2007

Southern Nevada home sales got off to a sluggish start in 2007, continuing last year’s market slump. There were 1,397 homes sold in January, a 21.4% drop from 2006, reports the Greater Las Vegas Association of Realtors. Median sale prices dipped to $302,000 last month, or 2.6% less than a year ago.

“2007 is going to be about balance in the market,” said GLVAR President Devin Reiss. “We think prices will remain fairly flat and inventory will gradually decline through 2007.”

Yet there were still 18,774 units available in January, a 13.8% increase from a year ago. Meanwhile, new listing shot up to 5,809 homes, which is 81.8% higher than the previous month, and 3.8 percent more than in 2006.

Condo/townhome sales saw a similarly slow start in 2007, with just 318 sales in January or 30.1% fewer than last year. Yet median condo/townhome prices rose to $205,450 last month for a 4.2% gain from 2006.

However, total condo/townhome sales brought a disappointing $75 million in January, a 25.1% drop from a year ago, while total home sales recorded just $519.7 million or 23.6 percent less than in 2006.