Las Vegas Realtor Sees Bottom!

Predicting when a market hits bottom requires significant skill, experience and intestinal fortitude - we believe the Las Vegas Real Estate market has hit bottom.

No guts, no glory - any Las Vegas Realtor worth their salt should be able to shed some light on this for you! Here's the back story from our perspective.

June 2009 Sets Record for Number of Homes Sold

In June of 2009 we sold more homes here in Las Vegas than just about any time in our history. This tells us that the market is bouncing back and more importantly, that affordability is driving investors and homeowners back to the Las Vegas Real Estate Market.

The median Las Vegas Home price in Q-3 of this year is now about $140K and this puts an average home in the "reach" of prospective home buyers.

Contrast these numbers with a comparison of 22.9% overvaluation the market experienced in the first quarter of 2007, with a median price of $286K. Throw another hard number in the mix; fourth quarter of 2007 gave us a $259K media price and a 9.2 percent overvaluation. Finally, the Las Vegas Real Estate market had its highest valuation in the third quarter of 2006, with an overvalued percentage of 30%. The trends are obvious to us as a Las Vegas Realtor with market experience!

Here is a quote: Today's valuation statistics mean housing prices in Las Vegas have returned to their 23 year "historic norms" based on household income, population density, interest rates and other factors," said Richard DeKaser, chief economist for National City.

Check Our Blog for More Numbers

We'll post some more numbers and observations in our Blog later this week from this important report. Suffice to say for now, as a market honed Las Vegas Realtor with some grit, we are calling this market at bottom - we have great affordability in this market and wonderful cash positive deals are available for homeowners and Las Vegas real estate investors.



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

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