Home sales rise in March
By TONY ILLIA
BUSINESS PRESS
April 06, 2006
Southern Nevada's housing market is starting to shake off its winter blues. There were 2,521 single-family sales in March, a 41 percent gain from the previous month, but still 19.4 percent less than a year ago, reports the Greater Las Vegas Association of Realtors.
Median home sale prices, meanwhile, reached $314,950 in March, a 1.9 percent gain from the previous month and 6.8 percent higher than a year ago.
But the price gains can largely be attributed to condo/townhomes, many of which are conversion properties. There were 646 condo/townhome sales in March, or 33.5 percent more than in February. And the median condo/townhome sale price reached $205,000 in March, which is 4.4 percent higher than in February and 12.6 percent more than a year ago. The market is warming up from its seasonal chill with 17,385 single-family home listings in March, or 1.6 percent fewer than the prior month, according to the Multiple listing Service. Also, roughly 43.5 percent of available homes were sold in under 30 days last month, which is 5.3 percent better than in February.
There was $957.8 million worth of single-family home sales in March, a 41.7 percent gain over February, but still 13.5 percent less than a year ago. Condo/townhomes, however, saw $147.7 million in sales last month, a 43.3 percent increase over February and 3.5 percent higher than in 2005.
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