It’s not a misprint, Las Vegas Real Estate Sales Improving! Our Greater Las Vegas Realtors Association has just released their Las Vegas Real Estate Sales Results for November and they clearly show Las Vegas Real Estate Sales Improving!
Just over 3,000 sales were completed for the month of November here in Las Vegas.
- Las Vegas Real Estate Median Price rose less than 1% to $140,000. from October.
- Approximately 41% of all sales for the month were all cash transactions, with the majority of these via investors.
- Around 61% of our sales were via Real Estate Owned Homes (Foreclosures), which is consistent with other recent months.
- Approximately 58% of all Las Vegas Homes sold in November were only on the market for 30 days or less and 16.7% were only on the market for less than 60 days – just about three quarters of all homes sold were on the market less than 60 days, which is a dramatic number.
Our Analysis of Novembers Las Vegas Real Estate Sales Improving:
- Investors are continuing to snap up our affordable Las Vegas Real Estate and this does not look like its slowing down any time soon.
- We have a 2.5 month supply of Las Vegas homes, which is close to historic lows for the past five years; this will continue to add “heat” to our marketplace moving into 2010.
- Flip side of our supply of Las Vegas Homes is that some buyers are facing offers from 20-30 individuals, which can be challenging to deal with.
- Banks are shifting resources and focus from Las Vegas Foreclosures to Las Vegas Short Sales – we think this will accelerate moving forward, as this saves banks money in the long run.
- Holiday season may have some “seasonable” impact on our market; but, we don’t think it will affect our pricing in any significant way.
- CityCenter opening continuing to drive significant press for Las Vegas, this type of opening has always been good from a PR and practical standpoint (jobs!).
- A significant number of Investors buying Las Vegas Real Estate are coming from outside the US; we think this may accelerate moving into 2010 due to currency issues, global economy reviving and affordability of Las Vegas Real Estate.
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