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Category – GLVAR

GLVAR Presents 2017 Annual Awards

Devin Reiss, GLVAR PresidentJanet Carpenter 2018 preselectThe Greater Las Vegas Association of REALTORS® (GLVAR) presented its annual awards this week to some of its leading members, including David R. Tina, who was named GLVAR’s REALTOR® of the Year. As part of its annual installation of new officers and board members for 2017 held Dec. 9 at the Red Rock Resort, the GLVAR presented its top annual award to Tina, a longtime local REALTOR® who is a past president of both the GLVAR and the statewide Nevada Association of REALTORS®

Tina, the father and business partner of 2017 GLVAR President David J. Tina, was honored for serving as a leader in the real estate profession and in the community, association officials said. Other GLVAR award winners for 2017 included:

• Norma Jean Opatik – Residential Instructor of the Year. • Linda Rheinberger – Ronn Reiss Award for educational excellence and leadership. • Melissa Zimbelman – Gene Nebeker Memorial Award for professionalism and service to the GLVAR and the community. • Devin Reiss – Sala/Rubin Award (formerly called the Frank Sala Award and now also honoring longtime GLVAR leader Marv Rubin) recognizing long-term commitment to grassroots political action and to protecting private property rights. • Keith Kelley – Jack Woodcock Distinguished Service Award. • Janet Carpenter, Aldo Martinez and Melissa Zimbelman – GLVAR Hall of Fame inductees.

 

The annual awards are presented to REALTORS® who have taken extraordinary measures to provide their many years of skill, experience and expertise to their fellow REALTORS®. They were recognized for exemplary leadership, contributions to the industry, and advancement of the REALTOR® brand, 2017 GLVAR President David J. Tina said.

Local Home Prices Cool Down So Far This Season, But Still Well Up From 2016

glvarThe Greater Las Vegas Association of REALTORS® (GLVAR) reported today that local home prices continued to cool down heading into the holidays, though home prices and sales are still up from one year ago. GLVAR reported that the median price of existing single-family homes sold during November through its Multiple Listing Service (MLS) was $261,150. That’s down slightly from October, but up 8.8 percent from November 2016. The median price of local condos and townhomes sold in November was $141,500, up slightly from October and up 19.0 percent from the same time last year.

GLVAR President David J. Tina, a longtime local REALTOR®, said home prices are following seasonal trends and reiterated that they have been appreciating at roughly the same rate for the past few years.

“Like most years, we’re seeing prices level off heading into the winter months,” Tina said. “This is normal. Overall, the local housing market has been steady and strong, with sales going up and prices appreciating, but not going up too quickly.”

As for headwinds in the housing market, Tina said demand continues to exceed the shrinking supply of homes available for sale. This tight housing supply has been presenting challenges for many buyers, especially those seeking lower-priced homes and condos. At the current sales pace, he said Southern Nevada still has less than a two-month supply of existing homes available for sale. A six-month supply is considered to be a balanced market.

“We have a growing population and an undersupply of homes on the market,” Tina said, adding that the housing supply is tight nationwide, with no relief in sight. “So regardless of what happens here over the next five years or so, we’re still going to need more houses for all the people moving here.” By the end of November, GLVAR reported 4,538 single-family homes listed for sale without any sort of offer. That’s down 33.1 percent from one year ago. For condos and townhomes, the 735 properties listed without offers in November represented a 29.1 percent drop from one year ago.

The total number of existing local homes, condos and townhomes sold during November was 3,202, a slight increase from November 2016. Compared to one year ago, sales were unchanged for homes and up 5.2 percent for condos and townhomes. According to GLVAR, home sales so far in 2017 continue to run about 10 percent ahead of the pace from 2016, when 41,720 total properties were sold in Southern Nevada. At this rate, GLVAR statistics show that 2017 is on pace to be the best year for local home sales since at least 2012.

GLVAR reported that 28.5 percent of all local properties sold in November were purchased with cash, up from 26.9 percent one year ago. That’s still less than half of the February 2013 peak of 59.5 percent, indicating that cash buyers and investors are still active, but playing a smaller role in the local housing market.

In recent years, GLVAR has been reporting fewer distressed sales and more traditional home sales, where lenders are not controlling the transaction. Tina said foreclosures and short sales now make up such a small share of the local housing market that “they’ve really become a non-issue.” For instance, he said short sales and foreclosures combined accounted for fewer than 5 percent of all existing home sales during November, compared to 10.5 percent of all sales one year ago.

These GLVAR statistics include activity through the end of November 2017. GLVAR distributes statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:

The total value of local real estate transactions tracked through the MLS during November was nearly $810 million for homes and nearly $96 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in November were up 12.4 percent for homes and up 24.6 percent for condos and townhomes. 

Homes and condos continued to sell faster than last year at this time. In November, 82.3 percent of all existing local homes and 88.5 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 74.3 percent of all homes and 79.8 percent of all condos and townhomes sold within 60 days.

2017 NAR Conference Provides Value For Commercial And Residential Realtors

David TinaMembers of the Greater Las Vegas Association of REALTORS® (GLVAR) joined more than 20,000 real estate professionals and fellow industry leaders from around the country at the 2017 REALTORS® Conference & Expo held in Chicago from Nov. 3 to 6. This year’s conference theme, “The Sky’s the Limit,” encouraged members of the National Association of REALTORS® (NAR) to take advantage of new technology and innovations shaping the industry, educate themselves on the latest market trends and real estate issues and make new contacts with fellow real estate professionals from around the world.

GLVAR members also had the opportunity to attend hundreds of information and education sessions featuring more than 300 nationally recognized speakers and industry experts who spoke on a wide range of real estate topics, including affordability from inventory constraints, brokerage management and tax reform’s potential impact on homeowners. Among the panelists and speakers were Lawrence Yun, NAR chief economist, who shared the latest outlook for residential and commercial real estate markets; William Doerner, Federal Housing Finance Agency senior economist; Steve Schmidt, MSNBC political analyst; Robert Dietz, National Association of Home Builders chief economist; Luke Glass, realtor.com® executive vice president of Industry Platforms, and 23-time Olympic gold medalist Michael Phelps.

“As a trusted source for real estate information, REALTORS® need to constantly work to educate ourselves about the latest trends and developments affecting our industry,” said GLVAR President David J. Tina, a longtime Las Vegas REALTOR®. “This conference was an incredible opportunity for me and the dozens of other Nevada REALTORS® who attended. We were able to reflect on this year’s successes, identify solutions to problems facing the housing market locally and nationally and to discuss ways to keep homeownership and real estate issues near the top of the national agenda. For example, Tina said he learned that Southern Nevada isn’t the only housing market where there aren’t enough homes available for sale. “From what I heard in Chicago, most of the major cities in the country are facing an inventory shortage,” he added.

Throughout the week, REALTORS® attended 100-plus conference forums, workshops and educational sessions on a broad range of real estate issues to help enhance their skills and prepare their businesses for 2018. Attending this conference is one of the countless ways NAR members gain specialized knowledge, hone their expertise to better serve America’s home buyers, sellers and investors, and improve their professionalism.

GLVAR Earns Prestigious Award From National Association Of Realtors

GLVARThe Global Business Committee of the Greater Las Vegas Association of REALTORS® (GLVAR) was recently honored by the National Association of REALTORS® (NAR) with a Platinum Global Achievement Program Award.

“Las Vegas has been the focus of foreign investment for many years, as evidenced by recent upticks in commercial and residential sales to global clients,” GLVAR President David J. Tina said. “The Global Committee has a number of REALTORS® who are experts that specialize and understand the diverse needs and laws governing international clients. This award is a testament to that expertise and places Las Vegas among the top global groups in the country.”

GLVAR’s Global Business Committee focuses on international real estate opportunities and education. It is chaired by local REALTOR® Tamara Larisa Tyrbouslu, who has earned the Certified International Property Specialist (CIPS) designation and teaches CIPS courses to her fellow GLVAR members. Tyrbouslu said this is the fourth straight year that GLVAR’s Global Business Committee has received this highly respected award.

“There are 110 global committees and councils across the country,” she said. “We are one of 15 to earn this distinguished award. By earning NAR’s platinum award again next year, we’ll be eligible for the even more impressive ‘Diamond’ status coveted by other U.S. global groups.”

To earn the platinum award, committee members had to complete an extensive application that includes benchmarking its global initiatives, including marketing, education and trade missions.

In informing GLVAR about the award, Janet Branton, NAR senior vice president of commercial and global services, said, “I hope you are as proud of this achievement as we are of the hard work and dedication that your association has contributed to raising members’ awareness of global business in your local market. Your council has demonstrated the utmost commitment to helping members capture their share of the global real estate market in the United States, in addition to connecting your council and members to the global community in your area.”


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