Las Vegas resales stay on an upbeat course in November

The holiday season is upon us although this year it might be more subdued than in a long while due to the overall weakness in the national economy. The mortgage and real estate markets have taken unprecedented punishment in most parts of the country that requires extraordinary efforts and just plain old time to turn around. Southern Nevada housing sector, for its share, has paid dearly for past excesses but has lately shown some flickers of hope that perhaps a tentative recovery may be shaping up.

November statistics from Greater Las Vegas Association of Realtors, or GLVAR, back up the cautiously upbeat sentiment. There were 2,183 single-family house sold last month that is well over double the number for the same month in 2007. True, it's a small drop from October that really is a normal development as the slower-paced winter season sets in. For several months now resales in Las Vegas valley have been significantly better than comparable figures a year ago, an entirely positive sign.

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Home sales continue at a lackluster pace.

Greater Las Vegas Association of Realtors, or GLVAR, communicates that existing homes listed for sale in Vegas grows again after doing much better late in 2006. The market is clearly trying to find its footing and the label soft still sticks. The townhouse and condo segment performed worse than the single-family house one. It was down 42.8% from last year, a large drop.

Is there anything positive here? I think so. Buyers are running the show now. They should go out and negotiate everything to accomplish a successful purchase. Negotiate a new set of a washer and dryer, a wide screen TV, a new car, a new pool, anything you can think of. There definitely are opportunities for the taking. Vacant property, yummy. Secondly, the median price of a single-family home edged upward to $310,000, a hike of 2.6% from January. There are some positives to chew on, aren't there?