Las Vegas home sales dipped slightly in July, although this was anticipated due to the expiration of the tax credit the previous month. July did reflect a change from the previous three months, in that during this time period we have experienced modest increases in prices and volume when contrasted with a year ago.
Las Vegas Home Inventory
Inventory of homes on the Multiple Listing Service increased 6.5 percent from a year ago to 21,750, though more than half of those homes are under contract with contingent or pending offers.
But, again, our market has experienced such price corrections the last couple of years we don’t anticipate any dramatic changes in the local Las Vegas Market in the foreseeable future.
The one variance we see in the market is our higher priced homes could see some price drops if the national economy continues to experience challenges.
International Investor Interest Holding Steady
The number of all cash deals on Las Vegas Real estate went up for the month of July, from 42.5% in June to 45.9% in July. We are continuing to see significant interest from investors from outside the US – especially from Canada and Europeans. We don’t anticipate this changing in the foreseeable future, as the US Dollar continues to not fare well when contrasted with other currencies.
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Ruth Ahlbrand
ruth.ahlbrand@remax.net
(702) 496-7653