Yes, you heard it here first. We’ve been saying for 2-3 months the Las Vegas Real Estate Market was either at the bottom or so close that we would not see significant price reductions. Well, the news media (local and nationl) is finally agreeing with us!
Nobody wants to step up to the plate and take the high fast ball inside! We will! This market is getting hotter than the strip on a July afternoon – is it in full recovery? Abosolutely not, but investors and homeowners are snapping up some great deals like chum on the waters off the Great Barrier Reef in front of a shcool of Great White Sharks.
Some Chaos in Las Vegas Real Estate
Is the Las Vegas Real Estate Market chaotic? Absolutely! But, the banks are not releasing REO (“Real Estate Owned”) Homes by the boatload as many predicted; they are bankers right, so they aren’t stupid. They are releasing REO homes in a slow trickle so they don’t cost themselves more money. And, to be honest, this is probably good for the overall market – it’s a bit like tough love.
Las Vegas Real Estate Numbers
Existing-home sales exceeded the creation of foreclosures for the fourth consecutive month, according to local research firm SalesTraq. In fact there were 4,663 existing-home closings in June, reflecting a 67.4 percent increase from the same month in 2008. Of those, 2,855 were bank-owned (REO), compared with 2,486 acquisitions during the month, SalesTraq reported. Total REO inventory dropped to 13,200 in June from 13,569 in May.
Of the existing-home closings in June, 62 percent were bank-owned homes with a median closing price of $113,900, SalesTraq reported. The remaining existing-home closings that were not bank-owned had a median price of $145,000. As you can see, very little differenc in these numbers which is a healthy thing for the overall Las Vegas Real Estate Market.
Here is a snapshot of our local Home Sales for the last year:
