Our Las Vegas Real Estate Report reflects a market that is still flexing and changing. One of the most challenging issues facing our local market is that approximately 40-50% of Las Vegas Real Estate Homeowners are underwater, owing more on their homes than what they are worth. This in turn has been driving a large number of Las Vegas Foreclosures the last twelve to twenty-four months.
Las Vegas Short Sales on Horizon
But, the biggest offset to this potential drag on our market is the recent Federal push from the Obama Administration that is focused on making financial institutions give homeowners much more leeway on a Short Sale , also forcing banks/mortgage holders to respond within ten days to offers and much more. A Las Vegas Short Sale enables the homeowner to stay in the home, which is good for all parties and will help to stabilize the market.
Economic Picture for Las Vegas Real Estate
Economic growth continues to be the big wild card impacting our market. But, we have a number of things occurring locally that may help to stimulate more growth for Las Vegas; City Center is opening this month, we have an influx of funds and tax breaks from the state that are targeting “green companies” and our visitor count is projected to grow 5% in 2010 to just over 41M visitors.
Of equal importance, our population declined slightly in 2009 (net numbers) but is projected to start growing again in 2010, with a total population base of just under two million people for greater Clark County. Las Vegas has always leveraged all the great things that come from growth.
Median Prices of Las Vegas Homes
Our market appears to be stabilizing around $125K for a median Las Vegas Home. We’ve had five consecutive months that reflect this number, with no significant impact. As an example, we saw a price drop of less than 1% for the month of October, which is consistent with the type of pricing changes we’ve seen the last 3-5 months (not a lot).
A median price of $125K for an average home here makes Las Vegas Real Estate very affordable and we are continuing to see strong interest from investors in our local market from investors from around the world. In fact, more and more investors are shifting money from the stock market to real estate, underscoring the attractiveness of real estate overall.
If you are a first time Las Vegas Home Buyer or seasoned Real Estate Investor we have a team standing by that is well trained, seasoned, very customer driven and most are Certified Distressed Property Experts as well. Meaning, they understand the intricacies of distressed property sales. If you are an investor please clickthrough to this page and download our Las Vegas Real Estate Investor Presentation.
