Today’s announcement from the Greater Las Vegas Association of Realtors is an indication that the Las Vegas Real Estate Market is Trending Up, which we are pleased to report. We don’t think these numbers are dramatic by any means, but they are positive, which is always a good thing.
Las Vegas Market Trending Up
Single family home sales continued to trend up for the month of Ocober, median home prices rose with 3,553 (approx) Las Vegas Homes sold. This reflects a slight increase from September of 5.3% and a large increase of 30.1% from the same month in 2008.
Our media price for homes also trended up, climbing to $139,100. in September from $135,500. in August. That’s a 26.8% drop from a year ago at this time. Our inventory picture of Las Vegas Homes for sale, although healthy, is a bit deceptive unless you take a hard look at the numbers; we have 21,000 homes for sale but only 8,075 were truly available, with no contingencies on them.
Las Vegas Market Analysis
The recent extension and expansion of the Federal Tax Credit will certainly increase homes sales both nationally and locally. The Las Vegas Real Estate Market is on track to break all previous records of home sales. Resident Buyers and Investors are buying Las Vegas homes at a record pace. Affordability for home owners and cashflow for investors continue to be the unbeatable duo.
