If you read the newspaper or watch the news, it makes you wonder why you would want to buy a home in this real estate market. All the media has been reporting is that home prices in the Las Vegas Real Estate market are dropping and more homes are being foreclosed on every month. I won’t deny that’s true but there’s other information that is not being reported that might give you a different perspective on the Las Vegas Real Estate Market.
Las Vegas sales of existing homes and condos are up from the same time over the previous two years. For November, Las Vegas’ existing home sales were 120% higher than the same month in 2007. The increase in home sales has reduced the standing inventory even with all the new foreclosed homes that are entering the Las Vegas Real Estate Market every month. Available inventory of homes for sale sits at 10.4 months compared to a 24 month supply at the end of 2007. Homes that are priced below $200K are receiving multiple offers and are selling above list price.
If you are interested in buying a home in Las Vegas, make sure you act now as housing inventory continues to decrease, you can expect prices to stabilize and even begin to rise.