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August Sales and Prices
By Stephen Roberts | September 11, 2009
After several months of stability in the Las Vegas housing market we have seen a drop in both sales and prices in the month of August. Homes are still selling at a decent pace, just for a little less and at a slower rate than the previous month of July. The sales of single-family homes has dropped in the Henderson/Las Vegas area slightly but have still increased by 26.9 percent from August 2008. The median price of single-family homes is down 2.4 percent from last month but an astounding 35.5 percent from a year ago.
The number of homes available for sale rose by 2.8 percent since last month. Despite the small dip in prices and sales the demand for homes in the Las Vegas and Henderson area remain strong. Many investors are still coming to Las Vegas to take advantage of the opportunity that the housing market is presenting at this time.
Bank owned properties made up the majority of the homes sales in August, accounting for 70.5 percent of all Las Vegas housing sales. Townhome sales also marginally declined and the median price dropped roughly 1.1 percent from last month. The number of condos for sale has actually increased by 2.4 percent since last month.
Now is still a great time to invest, seeing some stability in the housing market, and the lowest prices seen in years. Many investors are turning their purchases into positive cash flow by buying and renting out, rather than buying and flipping.
For all your Real Estate needs contact Steve Roberts at 702-739-4392.
Topics: Henderson Nevada Homes, Investment, Las Vegas Nevada Real Estate, Southern Nevada Monthly Economic Update, foreclosures | No Comments »