Las Vegas Real Estate Market

We are on the front lines of the Las Vegas real estate market and there is much more positive news for investors and homeowners than what the national media is conveying! We continue to believe that Las Vegas real estate has excellent levels of affordability not seen in years and the market is on the move.

Investors Moving into Las Vegas Market

Investors are moving into our market in increasing numbers. Most do not care if the market has "bottomed" or not, as they are purchasing homes at below replacement costs, have positive cash flow and plan on holding them for 3-5 years to generate a significant return.

Positive Impact via Government and Mortgage Rates

Mortgage rates are at historical lows - the average interest rate on a 30-year fixed rate mortgage has dropped to 5.01%. And, even lower rates below 5.01% are available to some customers of large banking institutions. Mortgage rates have dropped 1.5% points since October, creating a savings of $185. per month on a $200K loan.

The Government's TARP Program is not getting as much traction in the Las Vegas Real Estate Market as we would like to see; but, we believe it is helping homeowners in Las Vegas.

Banking Institutions Locking in on Pricing

Banking institutions that have foreclosed homes in their inventory are not negotiating on price in most cases. Meaning, they believe our pricing levels have fundamentally reached bottom and they do not need to negotiate to sell their inventory of Las Vegas homes.

Yes, they are bankers and want to maximize their position; but, we think this fact underscores some realities in our market. Prices are stabilizing and are not going to drop in any dramatic fashion moving forward So, call or write us today or let us reserve a seat on our Las Vegas Forclosure Bus Tour for you!

Las Vegas Real Estate Market Shifting

The market is shifting for a real estate investment Las Vegas. This has become a good market for investments if you are prepared to make a Las Vegas real estate investment for a 3-5 year period and know that an appreciation rate of 5% per annum is healthy.

Quick Snapshot of Recent Trends Impacting Real Estate Investment Las Vegas

The Las Vegas Real Estate is recovering quickly from the "foreclosure downdraft" that has impacted not only Las Vegas but many other markets around the USA. Here is a snapshot of what is occurring in the Las Vegas Real Estate Market:

* Sales of single family homes, condominiums and townhomes here in Las Vegas hit a milestone record of 4,702 sold for the month of June 2009, beating the previous record of 4,414 set in June of 2004, based on the Greater Las Vegas Association of Realtors numbers released today.

* Our inventory of available homes is dropping quickly - inventory of homes for sale in Las Vegas shrunk to 20,613, a decrease of 11.9 percent from a year ago. Condo listings are down 2.2 percent to 5,416.

* Our median prices held steady at $140,000 for single-family homes, which was unchanged from the previous month and down 37.8 percent from this time a year ago.

* Condominium prices inched up 1.5 percent from May to $66,000. It was the second consecutive month of condo price increases.

* We are starting to see multiple offers on many of our homes, especially those that are in the $0-150K price range, with investors aggressively snapping up these properties.

* Approximately 45% of all sales in the Las Vegas Real Estate market are all cash (!).

* Real Estate Investors are jumping back into our market in a big way - many are realizing a 5-10% ROI on their investments in our "affordable" market.



John and Ruth Ahlbrand, Co-Founders of RE/MAX CENTRAL of Las Vegas

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8400 West Sahara Avenue
Las Vegas, NV 89117
Office: 702-360-2030
Fax: 702-360-5120

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Las Vegas, NV 89135
Office: 702-940-9600
Fax: 702-940-9601
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