• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer

Nevada Business Magazine

The Decision Maker's Magazine

Subscribe Now!

  • Subscriptions
    • Print
    • Mobile App
    • Email
    • Nevada News & PR Wire
  • Features
    • New This Month
    • View Issues
    • Cover Stories
    • Feature Stories
    • Industry Focus
    • Building Nevada
    • Special Reports
    • Meet the Decision Maker
    • Press Release Wire
    • Nevada Industries
  • Departments
    • A Matter of Opinion
    • Around the State
    • Business Indicators
    • Commentary
    • Commercial RE Report
    • Crossfire
    • Expert Advice
    • Face to Face
    • Free Market Watch
    • Inside Politics
    • Power of Attorney
    • Profit & Loss
    • Speaking for Nevada
    • Tech.knowledge.me
    • The Last Word
    • Vital Signs
  • Planning Calendar
  • Advertising
    • Advertising Info
    • Advertising Staff
    • Submission Requirements
    • Online Advertising
  • Events
    • NBM Events
  • About
    • About the Magazine
    • Contact the Staff
  • Connect
    • Business Directory
    • Press Release Wire
    • Business Calendar
    • Submit Listing
    • Post Press Release
    • Add Your Event
    • Sign Up
    • Log In
You are here: Home / Press Release Wire / Local Housing Market in Good Shape Heading into Spring, GLVAR Reports

Receive daily Nevada Business News & PR directly to your inbox.

Local Housing Market in Good Shape Heading into Spring, GLVAR Reports

March 7, 2016 By Press Release Wire Leave a Comment

GLVAR reported that the local housing market weathered the slow winter months with steadily rising home prices and sales.
Scott Beaudry

GLVAR Housing Statistics for February 2016

LAS VEGAS – The Greater Las Vegas Association of REALTORS (GLVAR) reported that the local housing market weathered the traditionally slow winter months with steadily rising home prices and sales and appears poised for a solid spring sales season.

GLVAR reported the median price of existing single-family homes sold in Southern Nevada during February through its Multiple Listing Service (MLS) was $220,350, up 7.5 percent from $205,000 one year ago.

Meanwhile, GLVAR said the median price of local condominiums and townhomes, including high-rise condos, sold in February was $121,500. That’s up 15.7 percent from $105,000 one year ago.

“Considering that we just made it through what is traditionally our slowest time of the year in the local housing market, I’d have to say that we’re in pretty good shape,” said 2016 GLVAR President Scott Beaudry, a longtime local REALTOR. “Our home prices and home sales tend to warm up with the weather, so I think we’re well-positioned to have a solid spring and sumnmer. Unless something dramatic happens, I expect our recent trends of steadily rising prices and sales to continue this year.”

Beaudry added that the local housing market is still dealing with a low housing supply and one of the nation’s highest percentages of underwater homeowners owing more on their mortgages than their homes are currently worth. However, he said, “We’re gradually overcoming these challenges as prices continue to rise, more homeowners build equity and the local economy continues to improve.”

According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in February was 2,676, up from 2,452 in February of 2015. Compared to the same month one year ago, 7.5 percent more homes and 15.8 percent more condos and townhomes sold in February.

For 2015, GLVAR reported a total of 38,578 single-family home, condominium, townhome and high-rise condo sales. That was more than in 2014, but fewer sales than during the previous five years.

Beaudry said the local housing supply remained tight, with less than a four-month supply of homes available for sale, when a six-month supply is considered a more balanced market. The total number of single-family homes listed for sale on GLVAR’s MLS in February was 12,994, down 1.5 percent from one year ago. GLVAR tracked a total of 3,481 condos, high-rise condos and townhomes listed for sale on its MLS in February, down 2.2 percent from one year ago.

By the end of February, GLVAR reported 7,328 single-family homes listed without any sort of offer. That’s up a mere 0.2 percent from one year ago. For condos and townhomes, the 2,267 properties listed without offers in February represented a 6.5 percent decrease from one year ago.

GLVAR continued to report annual declines in distressed sales and increasing numbers of traditional home sales, where lenders are not controlling the transaction. In February, 6.6 percent of all local sales were short sales – when lenders allow borrowers to sell a home for less than what they owe on the mortgage. That’s down from 9.3 percent of all sales one year ago. Another 8.6 percent of all February sales were bank-owned, down from 9.7 percent one year ago.

The median price of single-family homes sold as part of a short sale in February was $190,000, up from $165,000 one year ago. The median price of bank-owned homes sold in February was $166,450, up from $159,250 one year ago.

Beaudry said short sales may continue to play a role in the local housing market in 2016 since Congress voted in late December to again extend the Mortgage Forgiveness Debt Relief Act of 2007, as REALTORS advocated. If Congress had not voted to again extend the tax break to help distressed homeowners, any amount of money a bank wrote off in agreeing to sell a home as part of a short sale would have been taxable when sellers file their federal income taxes.

GLVAR said 31.4 percent of all local properties sold in February were purchased with cash, down from 37.4 percent one year ago. That’s well short of the February 2013 peak of 59.5 percent, indicating that cash buyers and investors are still more active in Southern Nevada than in most markets, but that their influence continues to wane.

These GLVAR statistics include activity through the end of February 2016. GLVAR distributes such statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. Other highlights include:

· The monthly value of local real estate transactions tracked through the MLS during February was nearly $556 million for homes and more than $87 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in February were up 14.6 percent for homes, and up 8.5 percent for condos and townhomes.

· In February, 60.9 percent of all existing local homes and 61.9 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 57.3 percent of all existing local homes and 55.6 percent of all existing condos and townhomes sold within 60 days.

About the GLVAR

GLVAR was founded in 1947 and provides its more than 12,500 local members with education, training and political representation. The local representative of the National Association of REALTORS®, GLVAR is the largest professional organization in Southern Nevada. Each GLVAR member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit www.HomeLasVegas.com or www.LasVegasRealtor.com.

Filed Under: Press Release Wire Tagged With: GLVAR, Greater Las Vegas Association of Realtors, Las Vegas business, Las Vegas commercial real estate, Las Vegas real estate, Multiple Listing Service, Nevada business, Nevada commercial real estate, Nevada real estate, Scott Beaudry

Paul Krakovitz: Intermountain Healthcare

Edward Vance: EV&A Architects

Scott Arkills: Silver State Schools Credit Union

Tonya Ruby: Cox Media Las Vegas

Online Advertorials

Online Advertorials

Bank of NevadaFunding Will Provide Nevada Students With Financial Literacy Education

Infrastructure InvestmentsAssure Our Community’s Water Future

Roseman’s College of MedicineAddressing the Physician Workforce Shortage

Groundbreaking LawRequires Businesses Replace Decorative Grass

Advertise With Us

Advertise With Us. more details ►

Primary Sidebar

Get important updates from Nevada Business Magazine, directly to your inbox.
Subscribe

Executive Education in NevadaDetermining Return on Investment

Industry Focus: EmploymentJune 2022

The Rise of Experiential-Based Retail in NevadaChallenges and Opportunities

Governor’s Office of Economic DevelopmentThe Heart of Workforce Development

Nevada News & PR Wire

  • Student at Coral Academy of Science Las Vegas Selected to Participate in Year Long Leadership Program

  • Edgewood Companies Appoints Robert Winkel as New Chairman of the Board

  • Virginia Knudsen Announces Gwen Harvey as New Executive Coach for BOAR

  • Nevada State Bank Branches Accepting Donations for the Communities in Schools of Nevada Fill the Bus School Supplies Drive

  • KPS3 Announces Three New Hires

  • Brian Kleven Joins Nevada Donor Network Governing Board

  • Las Vegas Doctor Warns Of The Dangers Of Handheld Sparklers

  • Southwest Medical Adds a New Physician

  • The State Of Nevada Presents The Launch Of 9-8-8, The Nation’s First Three-Digit Number For Suicide Response.

  • ICRWDA To Host K-9 Officers Competition & Training Seminar In Las Vegas

  • Take on Summer With Dunkin’s New Lineup of Iced Drinks

  • Nonprofit Cristo Rey St. Viator College Preparatory High School Kicks off Summer Campaign to Gain Additional Business Partners for Student Work-Study Program

  • Naqvi Injury Law Opens Henderson Office

  • Foster Care Panel Scheduled to Discuss Need for Foster Parents in Nye County – Division of Child and Family Services Will Host Event in Pahrump

  • Sportsman’s Royal Manor’s Continuous Improvements to Property Result in Low Crime Numbers

  • Miracle Flights Celebrates 150,000 Flight Milestone by Honoring Local Boy

  • United Way of Southern Nevada Announces Internal Promotions

  • Henderson Chamber of Commerce to Host Networking Breakfast: On a Roll – Local Gaming Update With M Resort Spa Casino Leadership

  • Nevada Supreme Court Justices Recognize Southern Nevada Senior Law Program

  • SR Construction Announces Completion Of The Henderson Hospital Expansion Project

  • Celebrate Dad With These Specials at Ava Rose Agency Restaurant Clients

  • Las Vegas-based Body Balance System to Showcase OvationULT Red Light Therapy Bed at This Year’s IECSC Show

  • Henderson Professional Fire Fighters, Henderson Police Officers’ Association, and the City of Henderson Launch Annual Safety Campaign, “Check Your Seats in the Heat”

  • Juzzef Martinez promoted to Commercial Banker for JPMorgan Chase in Las Vegas

  • Las Vegas Realtor Offers Free Buying Guide to Clark County Residents.

  • Team Nevada Returns After a Successful Appearance at the 2022 Special Olympics USA Games

  • The Problem Solver To Speak at Celebrity Speakers Business Network

  • Plumas Bancorp Honored Among Best-In-Class Banking Institutions

  • ImageWords Communications Founder Ruth Furman to Share Media Relations Tips at NAWBO Southern Nevada’s Personal Branding Workshop on June 28

  • Nevada Custom Residence Designed by Daniel Joseph Chenin, Ltd. Receives International Architizer A+ Design Award

  • National Council of Juvenile and Family Court Judges Adopts Resolution To Strengthen Role of Judges Nationwide

  • Ovation Design & Development Celebrated Grand Opening of Arioso Affordable Senior Apartment Complex — Governor Steve Sisolak and County Commissioner Justin Jones Joined Developers and Finance Leaders to Promote Affordable Housing Solutions —

  • aha! Announces Wine Flies Free Program

  • Via Brasil Steakhouse Hosts Father’s Day All You Can Eat Brunch and Dinner at $54.99!

  • Crew Las Vegas Hosts “Woman Who Build” Luncheon, June 14

  • Fennemore Joins Forces With Bay Area Wendel Rosen

  • Communities in Schools of Nevada Announces the Promotion of Alex Bybee to Chief Strategy Officer

  • Marker Trax Adds Director of Product Development and Integration to Help Company Continue to Grow

  • Grand Sierra Resort and Casino Announces the Addition of Chickie’s & Pete’s Crab House and Sports Bar

  • Southwest Medical Adds Two New Health Care Providers

  • Reno Tahoe Pain Associates Welcomes New Staff

  • How Adaptable Is Your Company? iTernal Networks’ Free Upcoming Webinar “Planning for Scalability – Tech More, Stress Less” – June 16th 1 pm PDT

  • De Castroverde Law Group receives Chambers USA’s highest ranking for the second consecutive year

  • Donor Network West Opens New Northern Nevada Headquarters

  • Blueprint Sports Launches ‘Friends of UNILV’ Name, Image, and Likeness Collective at University of Nevada, Las Vegas

  • aha! Announces Nonstop Flights to Idaho Falls From Reno-Tahoe Hub

  • Nevada Women’s Fund Selects Marilyn Newton as 2022 Salute to Women of Achievement Hall of Fame Inductee

  • Debbie Strimling Announced as Jewish Nevada Women’s Philanthropy Council Chair

  • Northcap Commercial Arranges Sale of 3842 Royal Crest St Apartments for $951,500

  • Northcap Commercial Arranges Sale of 3828 Hazelwood St Apartments for $1,730,000

  • Senior Operator at Broadbent & Associates, Inc. Receives Wastewater Operator of the Year Award

  • Siena Italian Authentic Trattoria Offers 50% Off on Wine Bottles

  • Huntington Jewelers to Add New Summerlin Location

  • CAMCO Nevada Hires Ashley King as New CFO

  • June 16 NAIOP Southern Nevada Breakfast Presents “Inflation and Rising Interest Rates: What Is the Impact to CRE Investment Sales?”

  • Project 150 Awarding More Than $170,000 in Scholarships at June 22 Event

  • Las Vegas Home Prices Set Another Record Amid Signs of a Shift in Local Housing Market

  • Emerald Island Grille in Downtown Henderson Unveils Expanded Menu

  • Touro University Nevada’s College of Osteopathic Medicine Receives Top-Level 10-Year Accreditation with ‘Exceptional Outcome’

  • Touro University Nevada’s School of Nursing Programs Receive Prestigious 10-Year Accreditation Extension

  • Quinn Gallagher Joins Blackmon Home Loans as Mortgage Loan Officer

  • Communities In Schools of Nevada Announces First Recipient of the Elaine P. Wynn Stronger Together Scholarship

  • 56th Anniversary of Miranda Rights

  • Martin Vece Named Favorite Teacher in Teacher Appreciation Week Contest — 570 Teachers Nominated in Move 4 Less Contest —

  • In-Person Workplace Safety Training Courses Have Resumed for Nevada Businesses and Employees

  • International Celebrity Vocal Coach Romeo Johnson Offers Vocal Lessons To Clark County Resident

  • 2022 WSOP Sponsor Lexicon Bank is All In Supporting Southern Nevada Charities

  • Holley Driggs Las Vegas Office Expands with New Attorney Additions

  • Nevada’s Exchange Promotes Two Long-Time Employees to Leadership Roles

  • Nathan Strager Awarded Top 1% Of Real Estate Agents in Las Vegas Valley

  • The Embedded Technology Expo To Be Hosted By The Las Vegas Convention Center

  • ExpressJet Airlines Names Bobby Looney Director of Safety

  • Angels of Las Vegas Hosts 2nd Angels on the Green Fundraiser!

  • Dragon Lights Festival Returns to Reno

  • Great Western Steam-up Features Days of Family Fun

  • Student Enrollment Now Open at Groundbreaking New Cactus Park Elementary in Las Vegas

  • CVMC CEO Prater Board Chair of Nevada Rural Hospital Partners

  • Henderson Chamber of Commerce Along With the Henderson Development Association Hosts Commercial Real Estate Development Update & Mixer

  • Michael Grimm and Bill Zappia “Givin’ It to ‘Em” New Variety Show Headlining at the Stirling Club in Las Vegas for a Limited Engagement

  • United Way of Southern Nevada’s 65th Anniversary Golf United Tournament Raises $126,440 for Las Vegas Community

  • Local Students Earn Scholarships in “Shark Tank” Style Business Pitch Competition by Junior Achievement of Southern Nevada

  • Girl Scouts Partner with CAMCO to Deliver Free Cookies to Summerlin Hospital Emergency Room Staff

  • Mark Wiley Group Welcomes New Vice President of Marketing and Communications

  • CSN and The National Juneteenth Observance Foundation Present Two-Day “Juneteenth Powwow” Festivities

  • Nevada Dairy Farmers Award $15,000 in Scholarship Money to Two Winners

  • Lily Funds Announces Sale of 2.2 Acres of Land on Las Vegas Strip

  • MDX Labs Fundraiser Supports Caridad Charity

  • Hosts of the Problem Solver Show Offering Clark County Schools Free Active Shooter Training

  • KPS3 Announces New Hires

  • Cindy Buchanan Joins JPMorgan Chase Commercial Banking in Northern Nevada

  • Dr. Chris Robey, DC, Doctor of Chiropractic, Joins the Crovetti Orthopaedics & Sports Medicine Team

  • Gaetano’s Ristorante Owner’s Recent Travels to Sicily Inspire New Authentic Recipes for 20th Anniversary Menu

  • John Rinaldo Joins Cristo Rey St. Viator College Preparatory High School as Director of Business Partnerships

  • Green Valley Library Re-Opening to Community After Extensive Renovation

  • McCarthy Building Companies Promotes Mark Mohning to Vice President of Integrated Design Delivery

  • Education Non-Profit CORE Promotes Founder Lindsay Harper to Chief Executive Officer, Launches Search for New Executive Director

  • Barracuda Championship Announced as First PGA Tour Event to Accept Cryptocurrency

  • TRU Development and LMC, A Lennar Company Officially Break Ground

  • Dueling Axes Las Vegas Launches “Cosmic Axes” to Kick off AREA15’s “Neon Dream” Memorial Day Weekend 2022

  • FEA Consulting Engineers Principal Selected to Lead UNLV College of Engineering Alumni Board



 
Submit Your News & PR | Subscribe
Submit Your News & PR

Business Connection

Business Connection Portal

Log In Sign Up

Business Connection Portal

Log In Sign Up

Nevada Business Calendar

There are no upcoming events.

View Full Calendar ►

Nevada Business Directory

Featured Businesses
Find a Nevada-Based Business Submit Your Business Subscribe to the Nevada News & PR Wire

Nevada Industries

Architects & Engineers
Arts & Culture
Banking
Commercial Real Estate
Construction
Credit Unions
Economic Development
Education
Financial Management
Healthcare
Human Resources
Insurance
Law
Manufacturing
Marketing
Media
Mining
Philanthropy
Residential Real Estate
Rural Nevada
Sports
Tax Planning and Accounting
Technology
Telecom
Tourism
Transportation
Utilities

Footer

Subscriptions

  • Print Subscription
  • Mobile App
  • E-mail Subscription

Editorial

  • Features
  • Departments
  • Events

Advertising

  • Advertise
  • Submission Requirements

Connect

  • Contact
  • LinkedIn
  • Facebook
  • Twitter

Copyright © 2022, Business Link LLC dba Nevada Business Magazine and Nevada Business Journal. Privacy Policy | Terms & Conditions
Nevada Web Design services by Nevada Central Media using Genesis Framework by StudioPress

    *Your Name

    *Your Email

    Phone Number

    Company

    *Subject

    *Your Message

      *Your Name

      *Your Email

      Phone Number

      Company

      *Subject

      *Your Message

        *Your Name

        *Your Email

        Phone Number

        Company

        *Subject

        *Your Message

          *Your Name

          *Your Email

          Phone Number

          Company

          *Subject

          *Your Message

            *Your Name

            *Your Email

            Phone Number

            Company

            *Subject

            *Your Message

              *Your Name

              *Your Email

              Phone Number

              Company

              *Subject

              *Your Message

                *Your Name

                *Your Email

                Phone Number

                Company

                *Subject

                *Your Message

                  *Your Name

                  *Your Email

                  Phone Number

                  Company

                  *Subject

                  *Your Message

                    *Your Name

                    *Your Email

                    Phone Number

                    Company

                    *Subject

                    *Your Message