Short Sales in Southern Nevada Remain High: GLVAR

In Southern Nevada, short sales still proved to be a popular trend as the housing market moves further away from foreclosures, according to data from the ""Greater Las Vegas Association of REALTORS"":http://www.lasvegasrealtor.com/ (GLVAR).

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Although the percentage of existing homes sold through the short sale process declined in November, the percentage is still in record level territory.

GLVAR reported 41.2 percent of homes were sold via short sale in November, a decrease from 44.7 percent in October and 44.8 percent in September. The share is still much higher compared to one year ago when short sales accounted for 26.8 percent of sales.

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Sales for bank-owned homes, or REOs, trended downward and accounted for 10.7 percent of all existing home sales in November, a decrease from 11.6 percent in October, according to GLVAR.

The media price of a single-family home sold as a short sale was $130,000 in November, up from $127,500 in October, GLVAR reported. The median price of a bank-owned single-family home rose to $139,001 compared to $132,575 the month before.

As for traditional home sales, GLVAR also found price increases.

""The median price of a home sold here in Southern Nevada has now gone up or at least stayed the same in 10 of the past 11 months,"" said GLVAR President Kolleen Kelley.

The median price of in November $146,000, up 4.3 percent from $140,000 the month before and up 16.8 percent from one year ago. According to the association, local home prices have not appreciated this steadily since at least 2004.

In addition, the median price of local condominiums and townhomes increased to $74,000, up 2.8 percent from $72,000 in October and up 27.6 percent from one year ago.

However, sales were down in November, which is a typical pattern seen during the winter. According to GLVAR, sales for homes, condos, and townhomes in November totaled 3,293, a decrease from 3,651 in October and 3,883 in November 2011.