Many homeowners and investors look at Las Vegas Real Estate holistically. And, the media in some cases is not always helpful as they have a tendency to lump all real estate markets into one bucket; resulting in analysis that is not driven by local trends and markets.
We are seeing price points in the $0-150K range generating multiple offers, with investors and homewoners aggressively snapping up these types of properties. This segment of the Las Vegas Real Estate market is hot and inventory is moving quickly.
It should be pointed out that a great percentage of our population here in Las Vegas works for/in the entertainment industry or with firms that do business with the latter. Ir you review the median salary of this workforce you would see correlation with earnings and affordability levels.
Reviewing higher price points in the mid priced and upper price ranges of Las Vegas Real Estate will show you that this part of the market is not seeing as much volume in total transactions. This is not to say that these price points are not selling, as some are driven by levels of affordability. But, these market segments are simply not seeing the interest level and volume as what is beeing seen in the $0-150K range.
Take aways for how price points impact Las Vegas Real Estate are: work with a professional Realtor (tiny plug) who can carefully run comparable sales and review prices in the area where you are looking and remember you will see much more compeition in the $0-150K range than in most other market segments.
