The Las Vegas Real Estate is recovering quickly from the “foreclosure downdraft” that has impacted not only Las Vegas but many other markets around the USA. Here is a snapshot of what is occurring in the Las Vegas Real Estate Market:
- Sales of single family homes, condominiums and townhomes here in Las Vegas hit a milestone record of 4,702 sold for the month of June 2009, beating the previous record of 4,414 set in June of 2004, based on the Greater Las Vegas Association of Realtors numbers released today.
- Our inventory of available homes is dropping quickly – inventory of homes for sale in Las Vegas shrunk to 20,613, a decrease of 11.9 percent from a year ago. Condo listings are down 2.2 percent to 5,416.
- Our median prices held steady at $140,000 for single-family homes, which was unchanged from the previous month and down 37.8 percent from this time a year ago.
- Condominium prices inched up 1.5 percent from May to $66,000. It was the second consecutive month of condo price increases.
- We are starting to see multiple offers on many of our homes, especially those that are in the $0-150K price range, with investors aggressively snapping up these properties.
- Approximately 45% of all sales in the Las Vegas Real Estate market are all cash (!).
- Real Estate Investors are jumping back into our market in a big way – many are realizing a 5-10% ROI on their investments in our “affordable” market.
Our advice to existing and new clients is to factor in the new realities that are driving Las Vegas Real Estate – the market has shifted and you need to listen to it. Call us 877.360.2030, info@LasVegasRelocation.com Twitter: RuthAhlbrand
