Las Vegas Foreclosures are absolutely driving our market very hard – approximately 80% of our resales in the August time period were Las Vegas Foreclosure transactions. The good news is we are starting to chew through Las Vegas real estate inventory and paring it down, which needs to happen so we can move to a more normal market.
Median Las Vegas real estate prices continue to slide, although not much of a drop in August from September. The media home price is cheap (!!!!), affordable, read great deals are out there to $200K. This represents a drop of approximately 4.8% from July.
Our transaction rates of Las Vegas real estate and Las Vegas foreclosure continues to hold strong – we sold 3,051 homes in August and almost 50% of these were under $200K. Which means some investors and homeowners are getting some great deals that should appreciate moving forward.
We talk to real estate strategy execs frequently to stay abreast of market trends, so we can convey this analysis to our clients. We’ve also been featured in numerous publications (tiny plug to drive credibility), TV shows and via national and international broadcasts to convey our assessments of the Las Vegas real estate market.
We fervently believe as do many economists that Las Vegas real estate will be one of the first markets to turn around in the country – we were first in the dark rabbit hole and we can see light at the end of the tunnel.
We believe here at RE/MAX CENTRAL of Las Vegas that our aggregate housing supply is somewhere around 12-15 months, which is a tremendous improvement over a year ago, when we had a roughly three year supply of Las Vegas real estate.
Come on by and pick up a free Starbucks Card on us and just say hello when you are in town – we’d love to show you a great deal on Las Vegas real estate.
