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Las Vegas Valley Real Estate Update
By Stephen Roberts | March 18, 2009
February showed some signs of upcoming changes in our local Real Estate market. These changes are not to suggest that we are at the bottom, but it does appear that we will reach it soon. The Las Vegas/Henderson area is poised to be one of the first markets in the country to emerge from the housing slump.
The number of available listings on our local MLS slid under 20,000 for the first time in 26 months. The current amount of 19,841 is about an 8.4 month supply based on current sales. 63% of the listings are vacant.
Existing home sales moved up to a total of 2,759. This represents and increase of 70.8% from last February and an .8% increase from last month.
Prices continued down, but the slide appears to be slowing somewhat. 63% of existing sales were bank owned last month. These homes had a median selling price of $130,000. The other 37% of existing sales, which were not bank owned had a median sales price of $160,000. Combining these numbers yields a median market price of $142,500, a total that is 38% below last February, but only 5% under January’s figures.
All in all it appears that inventory in decreasing and it looks as though sales are beginning to increase. Even with prices continuing to decline, most factors are pointing in the right direction for a recovery sometime in the near future.
It is important to note that these statistics are lagging indicators. The February data represents buying patterns from November, December and January. I would expect that the housing stats that we will see in the upcoming months will reflect more improvement in our local market.
If you have any interest in looking at Real Estate in Las Vegas, Henderson, North Las Vegas or Summerlin please give me a call so that I can find you the best deals on the market. You can reach me on my cell phone at 702-739-4392.
Topics: Henderson Nevada Homes, Las Vegas Nevada Real Estate, Summerlin Nevada Real Estate, foreclosures | No Comments »