Las Vegas Luxury Properties Link

Did you hear the housing market is CRASHING!?!?!....  AGAIN!!!!! 

This is the general reaction I'm getting from my current and past clients I've spoken to over the last couple of days.  One thing that I constantly try to instill in my clients, is the fact that real estate is a LOCAL market.  Too often the national news will talk about huge generalities of the whole and my clients tend to think the same statistics apply to Las Vegas and Henderson Homes for sale.   The first thing I do whenever I am working with a new client is to sit down with them and go over local statistics for what they are looking for. "There are thousands of homes on the market" is something I hear often, and while that is true, there might be 30 homes that match your criteria.   Each client is different, and each scenario is unique, but most of the time when I pull up an MLS search clients are shocked to see what is available in the area they want to live in. 

Let's go over some number as of Today, August 26th, 2010:

Total Single Family Homes sold so far:

• 1866 SFR sold this month( This number will definitely go up as many properties aim to close towards the end of the month)
• 2887 SFR sold LAST month
• 3293 SFR sold in June of 2010 (First time home buyer tax credit deadline was June 30th)

The amount of homes has increased over the last couple of months as the tax credit expired.  As of today there are 10,962 homes on the market.  I'm always amazed at how quickly the market can change.  Two months ago, I'd see 5-10 offers on a property if it was in good condition, now I might see none, or possibly one offer.   As always, the homes that are in the best condition sell the fastest.  Las Vegas Short Sales make up  nearly 48% of our market, while Las Vegas Foreclosures make up 18%.   Traditional sellers make up 33% of all sales right now.  Many of those sellers are investors who have rehabbed properties, and some are people who bought way before the boom and still have equity.

What the national news doesn't take into account for Las Vegas is our dramatic depreciation we've already seen.  From the peak of our market in 2005, our prices have depreciated over 65%.  We have seen huge price drops already, to the point where you cannot rebuild properties for the prices they are selling for.  Any time you can buy a home in Las Vegas for less than it costs to rebuild it, you are doing quite well.

Unemployment is a large factor in Las Vegas. We have 14% unemployment right now, which is high.  That number scares a lot of people, but the average price home in Las Vegas has been stable for the last 17 months, holding near $165,000 give or take a couple of thousand.   It's very difficult to find a major metro area with as many attraction as Las Vegas where homes are that affordable.

If you would like to search for Las Vegas Homes for sale, you can begin your search below or give me a call toll free at 1-866-589-1646.

Felipe Crook

Prudential Americana Group Realtors

Las Vegas NV 89117

1-866-589-1646