Resale Homes ReportGLVAR reports increase in prices

The median price of homes listed for sale in Southern Nevada increased to $310,000 in February after declining in recent months, according to statistics released today by the Greater Las Vegas Association of Realtors (GLVAR).

GLVAR statistics for the month also show an increase of the number of homes, condos and townhouses listed for sale.

"These stats are pretty much as expected," said Devin Reiss, president of the GLVAR. "Last month, we saw an increase of the median home price of condos, with sales up and inventory down. This month, it's the single-family homes that have a slight increase in median home prices and sales. This trend of slight variations each month is likely to continue throughout the year, especially as interest rates remain steady."

This month's GLVAR statistics include activity through the end of February. The association distributes such statistics each month based on data collected through its Multiple Listing Service (MLS), which does not necessarily account for newly constructed homes sold by local builders.

This month's highlights include:

The number of local homes, condos and townhouses listed for sale through February increased for the second month in a row. For single-family homes, the GLVAR reported 19,639 homes listed for sale.

That's up 4.6 percent from January, when listings were 18,774.

That's also up 11 percent from February 2006, when 17,675 homes were listed for sale.

The number of condos and townhomes listed for sale in February increased to 5,524. That's up 8 percent from 5,116 in January and up 34 percent from 5,212 last February.

The median sales price of a single-family home sold in the Las Vegas area is now $310,000.

That's up nearly 3 percent from $302,000 last month and up less than 1 percent from $309,000 in February 2006.

For local condos and townhomes, the median sales price in February decreased slightly to $204,000.

That's a decrease of less than 1 percent from $204,450 from last month and up nearly 4 percent from $196,450 last year.

The total number of local homes sold in February was 1,407, up less than 1 percent from 1,397 in January and down 21 percent from 1,787 from one year ago.

For condos and townhomes, 277 units were sold in February, down nearly 13 percent from 318 units sold last month and down nearly 43 percent from the 484 units sold in February 2006.

Reiss said that these real estate transactions translated into more than $600 million of sales volume in the local market.

Through February, nearly 48 percent of all single-family homes and nearly 50 percent of all condos and townhomes sold within 60 days.

In comparison, 46 percent of all single-family homes and 49 percent of all condos and townhomes sold within 60 days last month.