One-third of the existing single-family homes sold during the first quarter of 2011 fetched less than $100,000, according to statistics released by a Las Vegas research firm.
Of the 9,954 existing homes sold between January and March, 3,375 were priced below $99,000, SalesTraq reported.
That pushed the median price of existing homes, condos and town homes down to $109,000 during the first quarter and raised the issue over how far it could fall the rest of the year. In 2010, one-third of existing homes sold for $100,000 or less, said SalesTraq President Larry Murphy.
“I think it’s 50-50 that we will scrape the bottom of $100,000 in the second half of the year,” Murphy said.
The median price for the 9,954 single-family homes sold was $121,820. About two-thirds or 6,534 of those homes were priced below $150,000.
Only 158 single-family homes or 1.5 percent were priced at $500,000 and above. Some 36 of those were priced at $1 million and higher, including five of those priced at $2.5 million and higher.
Of the 13,079 closings of existing homes reported by SalesTraq, 9,954 were single-family homes, 1,958 were town homes and low-level condominiums, 247 were high-rise condominiums, 93 were mid-rise condominiums 695 were apartment conversions, 53 were mobile homes and 79 were lot purchases.
The median price of the existing high-rise units was $175,000 while the apartment conversions had a median price of $45,000. The town homes and low-level condominiums had a median price of $62,500.
In the new-home market, 317 of the 641 single-family residences sold during the first quarter were priced below $200,000 and only six were priced higher than $500,000, none reaching $650,000, SalesTraq reported. The median price of single-family homes closed was $200,000.
Of the 62 high rises closed during the first quarter, the median price was $351,500 and average price was $520,577. Some 23 were priced higher than $500,000, including five at $1 million and higher.
Among closings reported by SalesTraq:
• D.R. Horton – 98 with average closing price of $229,162.
• KB Home – 72 with average closing price of $157,369.
• Richmond American – 61 with average closing price of $202,949.
• Lennar – 58 with average closing price of $175,332.
• Harmony – 55 with average closing price of $210,774.
• American West – 45 with average closing price of $304,272.
• Pardee – 43 with average closing price of $260,633.
• Woodside – 28 with average closing price of $233,762.
• Pulte – 28 with average closing price of $242,208.
• Distinctive – 27 with average closing price of $164,242.
• Ryland – 26 with average closing price of $224,222.
• Dunhill Homes – 23 with average closing price of $205,998.
• William Lyon – 17 with average closing price of $183,087.
• Fifield Companies – 17 with average closing price of $257,529.
• Toll Brothers – 15 with average closing price of $239,836.
• Deutsche Bank – 13 with average closing price of $912,976.
• Beazer – 13 with average closing price of $188,968.
• Del Webb – 12 with average closing price of $305,055.
• Meritage – 12 with average closing price of $206,478.
• Storybook – 12 with average closing price of $137,492.
• Sasson Hallier – 11 with average closing price of $455,682.
• Warmington – 9 with average closing price of $203,858.
• MGM Mirage – 8 with average closing price of 934,250.
• Trump – 6 with average closing price of $269,800.
Those with five closings were Standard Pacific, Adaven Homes, Discovery and Desert Wind. Those with four closings were Shea Homes and Turnberry.
Of the planned communities, Mountain’s Edge had the most closings with 79. That was followed by Providence, 66; Inspirada, 35; Summerlin, 29; Madeira Canyon, 22; Coronado Ranch, 21; Highlands Ranch, 17; Rhodes Ranch, 14; Stallion Mountain, 14; Aliante, 12; Tuscany, 9; and CityCenter, 8.
Lennar took out the most permits in the first quarter at 133. That was followed by D.R. Horton with 123; KB Home, 86; Ryland, 56; American West, 51; Dunhill Homes, 50; Pulte, 50; Pardee, 45; Harmony, 44; Woodside, 29; Richmond American, 23; William Lyon, 20; Toll Brothers, 15; Del Webb, 14; Beazer, 11; and Warmington, 11.