Las Vegas Real Estate Market Improves
Everyone is talking about the real estate market conditions throughout the United States and the talk you hear is about just how bad it is, however, they are only looking at a few homes on the market. In actuality, the homes that are causing the talk are only around 5 to 7 percent of the homes on the market. The homes that are in trouble are not those that were purchased with conventional financing. The homes that are in trouble that are now being sold 10 to 30 percent below market value are homes that were purchased with ARM loans.
Now, let’s look at the real facts concerning Las Vegas real estate.
The population in Clark County is over 1.9 million and every month there is an increase of around 4,000 to 6,000 a month.
People from all over the US are still relocating to Las Vegas for various reasons. The top reasons include they like the area, to live closer to relatives, for a better lifestyle, and for their retirement years.
What are the advantages to living in Las Vegas?
- No personal Income Tax
- No state Income Tax
- No Inheritance Tax
- No gift or Estate Tax
- Summer like weather year round
As 0f January 1, 2008, there were 15,376 homes on the market, which consisted of 11,380 single-family homes, 2,935 condos, and 1,061 townhouses.
December 2007 sales were down a bit from November. Not uncommon occurrences during holidays since families hesitate relocating during Christmas. That being said, November sales were at 582 for single family, 81 for condos, and 54 for townhouses, while in December the sales were 544 for single family, 75 for condos, and 51 for townhouses.
The median selling price in December was the same as November at $260,000, a little lower in December than November for condos, which was $163,800 in November and $160,000 in December, and the median selling price of townhouses was up in December over November with the price at $201,000 in December and $193,500 in November.
In December the average days on the market for single-family homes was 79, which is better than what was seen in November at 82. Condos however were on the market 112 days, which is up from November at 84 but townhouse, were on the market 91 days which is better than the 113 days seen in November.
In the real estate market we like to look for tends and so far the current trend appears to look very promising for Las Vegas.
2 Comments to Las Vegas Real Estate Market Improves
Comments
DO YOU HAVE AN UPDATED REPORT FOR AUGUST 2009 OR AROUND THIS TIME.
WHAT IS THE FORWARD FORECAST FOR THE NOW AND THE NEXT COUPLE OF YEARS?
Hi Bob,
Yes we are about to do a market up date with projections.
If you have been following this Blog you know that record home sales occurred in June of this year.
Projections will be tough in this current economic climate, but the short answer is sales will continue to be brisk as investors pick up Las Vegas investment property at bargain prices. It gets scary when we ask ourselves why the rush? My opinion is that investors seek a means of hedging inflation by buying real estate. Just as they did in the days of President Jimmy Carter.
We all know the effects of inflation on the real estate market. So if you have an opportunity to invest, get in while the getting is good but plan to be in for the long term. Short term gains on flipping homes will begin to slow this fall or early winter in my opinion.
Just my 2¢ worth,
~SEOWolf
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