Las Vegas Real Estate is clearly on the move again into being a much healthier real estate market. In fact Las Vegas real estate is emerging as a national leader in the housing market recovery. We now have thirteen consecutive months of increasing home sales, although the trend of declining prices continued for the month in April based on figures released by the Greater Las Vegas Association of Realtors today.
Las Vegas Real Estate
Realtors sold 3,198 single-family homes in April, a 78.3 percent increase from the same month a year ago. Overall, sales have more than doubled for the first four months of the year.
We are seeing more first time home buyers coming back into Las Vegas Real Estate as well as investors – driven by affordability, interest rates and the overall quality of life available here in Las Vegas.
Also our home inventory sales peaked above 24,000 in 2007, has steadily declined to 22,112 in April, down 3.6 percent from a year ago. This another positive sign about Las Vegas Real Estate!
Las Vegas Real Estate Trends:
- Las Vegas Real Estate is rapidly becoming (again) one of the most affordable markets in the country.
- We believe tourists and visitors will be returning to Las Vegas in high numbers, which helps to drive down our unemployment numbers.
- Las Vegas Real estate now has homes that are priced at about 50% of where they were a year ago, this makes us very affordable. We believe this affordability will help to drive a flood of retirees from California and around the US, who will be purchasing Las Vegas Real Estate.
- Taking out the 3,190 pending transactions and the 5,901 contingent sales, there’s a 5.6-month supply of single-family homes – once a market falls below a six month supply it is starting to turn to a seller’s market, with multiple offers on Las Vegas Real Estate.
