« The Value of Homeownership | Home | Las Vegas Valley Foreclosure Numbers Drop in January »
Las Vegas Valley Prices Falling to 2003 Levels
By Stephen Roberts | February 12, 2009
According to the most recent housing data, prices in the Las Vegas and Henderson areas have continued on a downward spiral.
Median home prices have fallen to $160,000, a 36 % decrease from a year ago and a 8.6% decrease from December 2008. Condos and townhomes have also experienced decreases, with median prices dropping 50.6% to $80,000.
Overall sales have remained steady, with 2,224 single family home sales in January. This represents an increase of 126% from a year ago. Sales began to increase in May of 08 topping 2000 sales every month since then.
Home inventory has also remained steady with January numbers under 22,000 for the first time in over a year.
The higher end of the market has also experienced much of the impact of our national economy. There were no sales of million dollar and up condos and only 3 sales of million dollar single family homes in January.
Lower interest rates and the continuing dropping prices are attracting more bargain hunters to the Valley. About 35% of the current home inventory is made up of distressed properties, including foreclosures and short sales.
For more information on today’s market please either send me an email at steverobertslasvegas@gmail.com or give me a call on my cell phone at 702-739-4392.
I can help you get the best Deal on a home in Las Vegas, Henderson or Summerlin.
Topics: Henderson Nevada Homes, Las Vegas Nevada Real Estate, Mortgage Rates, Summerlin Nevada Real Estate, foreclosures | No Comments »