According to the Wall Street Journal analysis just released yesterday our national real estate market is still very fragmented and some markets are starting to take care of excess inventory of homes, while others are just starting to deal with too many homes on the market.
Based on the report in the Wall St. Journal, Las Vegas and other markets including Sacramento, Denver and San Diego (as an example) are reporting a reduction in housing inventory when compared to a year earlier. But, Las Vegas real estate supply of homes (like these other markets) is still well above average contrasted with one or two years ago, but the report indicates if this reduction in inventory trend continues it could signal an end to the real estate slump in some cities.
However, in cities like Portland, Seattle, New York and Charlotte where home pricing declines are just beginning, the backlog of homes that have not sold is increasing. For instance, the supply of homes for New York and Portland are up 31% and 28% respectively – meaning, these markets are way behind the Las Vegas real estate market and are experiencing some downturn (in our opinion).
Our position and what we are communicating to our clients, is you have to think local when gauging a purchase of Las Vegas real estate. The national real estate market is very fragmented and it is clearly experiencing vastly different dynamics when you assess what is going on from state to state and even city by city in some cases. By “think local” we mean weigh all factors in our market that make it special and unique from other markets (cities) around the country.
Again, we have no crystal ball and can’t predict when or if bottom in the Las Vegas real estate market has occurred, we are trying to look into market statistics and dynamics.
If you can find the person who can accurately forecast where our market is have she/he give us a call and we’ll put them to work immediately helping us make some calls in the Sports Book at the Wynn! In the mean time, call us, we have some great deals on Las Vegas Real Estate!!!
