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November Market Update

By Stephen Roberts | December 14, 2009

Overall in the Henderson and Las Vegas market for November the housing prices remained relatively flat.  Single family homes are hitting their seasonal slump around the holiday season, and sales are slowing down.  The single family median home price has dropped 24.7 percent from a year ago down to $140,000.  Condominium prices have also dropped 25 percent from a year ago and are down to a median price of $68,000.  The number of homes for sale has fallen 8.4 percent from a year ago to 20,847 in the month of November.  Only 8,385 of those homes are available without a current offer.

A little over 40 percent of homes were purchased with cash in the month of November, indicating that investors have returned to the Las Vegas and Henderson real estate markets.  Bank owned properties accounted for 61 percent of the sales.  Many people are becoming fed up with the banks in the real estate market.  Last year prices fell really low when banks dumped thousands of properties onto the market, causing prices to dramatically drop.  This caused almost everybody who has purchased a home in the past 10 years to have a negative value on their property.  Currently the banks are not putting enough homes on the market to keep up with demand.  Many times buyers find homes at a price that they can afford, only to find out that they are up against 20 or more offers.  Banks will take up a month to approve a sale, usually selecting cash buyers before those who need financing. Lately the market has seen an interesting shift from foreclosures to short sales as a higher percentage of total sales.

For some Things to Consider When Purchasing a Foreclosure Property please visit our website.

For all your real-estate needs contact Steve Roberts at 702-739-4392.

Topics: Henderson Nevada Homes, Holiday Season, Investment, Las Vegas Nevada Real Estate, Southern Nevada Monthly Economic Update, Summerlin Nevada Real Estate, foreclosures | No Comments »

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