Las Vegas Home sales are up by 78% in April compared to the same month in 2008. This is 13 consecutive months home sales have increased in the Las Vegas Valley. Majority of the homes that sold in April were bank owned properties. Banks continue to price homes just below market value to garner multiple offer situations. Now that the moratorium has been lifted, we can expect Banks to continue this strategy to get these homes off their books.
We are also seeing Banks approving short sales on more of a regular basis than before. We have had 3 of our Las Vegas Short Sales approved in the last few weeks after only 30 days and all three were with different Banks. This is a great sign for sellers that are trying to avoid losing their home to foreclosure which will have more of a negative impact on their credit.
Las Vegas Home prices have continued to drop in April as the median home price is now $141,720 down from its peak of $315,000 in June of 2006. With prices this low, Las Vegas has now become an affordable real estate market once again. We can expect to see many Californians relocating to Las Vegas due to favorable home prices along with the low cost of living.
If you have any questions about the Las Vegas Real Estate Market or would like us to send you homes that match your criteria, contact us today at 702.376.0088.