Housing woes continue in March

Southern Nevada’s housing market continued its year-long slide into March, with fewer sales, more listings and softening prices, reports the Greater Las Vegas Association of Realtors. There were 1,605 homes sold last month, or 36.3 percent less than a year ago, while median sale prices dipped to $305,000 for a 3.2 percent drop versus 2006. Available inventory, meanwhile, reached 21,287 homes in March, which is 22.4 more than 12 months ago. Despite this, local realtors remain optimistic on the market’s future.

“As we approach the summer months, we’re generally going to see more activity. This is the time of year when people are ready to make a move,” said GLVAR President Devin Reiss. “This is why we’re going to continue to see an increase in inventory as well as an increase in sales.”

Yet condo/townhomes saw a disappointing 341 sales in March, which is a 47.2 percent drop from a year ago. And median condo/townhome sale prices declined to $199,900 or 2.5 percent less than in 2006. Available inventory, however, hit 5,995 units last month for a 63.5 percent increase over the last 12 months.

There was $604.8 million worth of total home sales in March, a 36.9 percent dip from a year ago, while condo/townhomes saw only $79.8 million in activity for a 46 percent drop.