Las Vegas Foreclosed Homes have been impacted by sales of traditional homes in January – this is first time this has occurred in two years, signaling more positive shifts in our local market.
Short Sales Driving Market
Short Sales are starting to overshadow foreclosed homes in terms of numbers and percentages. A Short Sale just means the home is sold for less than what is owed on the mortgage and is good for the homeowner, financial institution and our overall real estate market.
Most analysts (we concur) think our Median Home Price will hover around $120-125K for the next 6-12 months, with no significant change either way. Our market now has levels of affordability – which is bringing in investors and first time home buyers back into the market, with the $75-150K being hottest part of Las Vegas real estate market.
Approximately 47% of all Las Vegas Homes sold in January were owned by banks, with an average selling price of $115,000. These included Las Vegas Foreclosed Homes and Short Sales. The remainder of the home sales were a standard sale with a media price slightly higher at $125,000.
Las Vegas New Home Sales
New home sales are still slow, which is certainly not a surprise as new home builders here in Las Vegas and around the US have been hard hit with the economic challenges impacting the general economy. There are great values to be found with new home sales and at times we believe consumers are artificially focusing on Foreclosed Homes or Short Sales and ignoring new homes to their detriment.
Las Vegas Foreclosed Homes
Looking back to 2009, our median home price has dropped to around $123,000 but we have been at this level since spring of 2009.
Moving forward into 2010 we believe Las Vegas Foreclosed Homes will continue to drip into the market but more financial institutions are working with home owners to short sale their homes.
One critical point many are missing in our market = Las Vegas Homes are selling for $.40 on the $Dollar. And there are beautiful Las Vegas Luxury Homes available in our market. We just viewed a $900,000++ condo on the Strip selling for $329,000. It was purchased two years ago and upgraded for over $900,000. There are homes in Gated Golf Course communities selling for under $600,000 that were purchased for over $1,200,000.
