Annual Trends

Sales Plummet as Prices Finally Slip in 2007

Property sales in Las Vegas continued to decline in 2007. This is the third year in a row sales of single-family, re-sale homes have fallen. Sales were off 36.7% from the year before. Condo sales were down 43.8%.

Prices finally cracked, after staying stubbornly high in 2006. The median price for re-sale, single-family homes fell 3% and the average price was flat. The large number of bank-owned properties that are working their way through the market is adversely affecting prices.

Remember, these are statistical prices. When the market was going up, the large number of million dollar plus sales skewed prices upward. With the large number of bank-owned properties going through the system, prices are being skewed downward, especially the median price.

Las Vegas Annual Statistics
Single-family homes
	Median		Average				% Sold	Sold
	Price	% Change	Price	% Change	Listed	Sales	of Listed	% Change
2000	$137,000		$168,992		25,880	15,006	58.0%
2001	$148,850	8.6%	$177,136	4.8%	33,202	18,904	56.9%	26.0%
2002	$161,473	8.5%	$192,243	8.5%	38,507	22,381	58.1%	18.4%
2003	$181,738	12.6%	$223,739	16.4%	39,194	30,142	76.9%	34.7%
2004	$275,000	51.3%	$304,289	36.0%	60,661	35,260	58.1%	17.0%
2005	$303,475	10.4%	$355,806	16.9%	57,943	33,529	57.9%	-4.9%
2006	$310,000	2.2%	$375,642	5.6%	64,049	24,130	37.7%	-28.0%
2007	$300,626	-3.0%	$375,586	0.0%	62,783	15,279	24.3%	-36.7%

The median price for condos fell 4.2% and the average price gained 5.6%.

Las Vegas Annual Statistics
Condominiums/Townhomes
	Median		Average				% Sold	Sold
	Price	% Change	Price	% Change	Listed	Sales	of Listed	% Change
2000	$86,000		$93,466		5,366	2,940	54.8%
2001	$91,750	6.7%	$102,973	10.2%	6,180	3,507	56.7%	19.3%
2002	$100,450	9.5%	$111,145	7.9%	7,097	4,132	58.2%	17.8%
2003	$109,325	8.8%	$119,621	7.6%	7,531	5,539	73.5%	34.1%
2004	$164,000	50.0%	$156,968	31.2%	11,306	7,581	67.1%	36.9%
2005	$195,000	18.9%	$209,905	33.7%	11,474	7,872	68.6%	3.8%
2006	$200,500	2.8%	$225,699	7.5%	15,589	5,826	37.4%	-26.0%
2007	$192,125	-4.2%	$238,377	5.6%	15,243	3,276	21.5%	-43.8%

The following chart shows sales and pricing trends for single-family homes in Las Vegas.

Las Vegas real estate annual trends - homes

The following chart shows the same for condos and town homes.

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Las Vegas Real Estate Market Trends - Annual

Sales Plummet as Prices Finally Slip in 2007

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