We think today’s article in the Las Vegas Review Journal about the small appreciation in Las Vegas Homes underscores what we have been blogging about for many months; our market is turning around and has clearly hit bottom.
Modest Appreciation for Las Vegas Homes
According to reports just released by RealtyTraq, new Las Vegas home sale prices increased by a modest one per cent in July, although this is the first time home prices have gone up since the middle of 2007. Is this a trend that we are back on the “road of steady appreciation?” We think its too early to say and as the CEO of SalesTraq indicates in the article, the statistics are not that significant.
Investors Moving Aggressively into Las Vegas Market
This article also underscores what we are experiencing on a daily basis, investors are moving aggressively back into our market. As many of our inbound leads are coming from investors, with about a third of these originating from outside of Las Vegas proper. One of the big motivators for investors in our market is their ability to buy an existing Las Vegas Home at a 30-40% (on average) cost of what it would take to build.
Executive Summary on Las Vegas Homes Market
- Entry level homes in the $0-150k range are red hot, with about 50-75% of these being sold to investors.
- Foreclosures are not swamping the market – we’ve looked back at last six months of inventory versus homes sold and banks are clearly releasing homes in a “timed manner’” so they don’t upset market equilibrium.
- Employment is “wild card” for Las Vegas Homes market like rest of US moving forward, although we do have large number of construction projects like City Center under development, unlike other metropolitan areas.
- Our market is moving faster than a hungry road runner on a tar road in the Black Rock Desert in mid August.
- Las Vegas Homes July sales volume was 4,300, with year to date over 24,000, reflecting over 50% increase from year to date this time last year.
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