I just became aware of some very interesting statistics about the Las Vegas housing market. First I want to make sure you understand that the information in this particular post only pertains to Single Family Homes (SFR’s) and does not include Condo’s, Town Homes, multi-family or any other Las Vegas real estate.
For the first time in over 2 years, prices have been stable; for 9 straight weeks $180,000 is the median price and holding; even better, the supply of homes has decreased and demand for homes under $300,000 has increased. The local real estate market is behaving somewhat normally. 9 weeks ago we had 101 days supply available, now we have 66 days of supply and the number of properties going under contract are up.
What does this mean? Are we out of the woods? I seriously doubt it, but these are good indicators that good things are starting to happen. I will tell you that this past weekend, as my good friend was driving back to Las Vegas from Los Angeles, he said that the traffic going towards L.A. was horrible – then he corrected himself and said that he would not have wanted to be driving in that traffic, but that it was good for Las Vegas.
It’s true that we still have problems here, but these are good things. Are you ready to begin investing in Las Vegas real estate? Now is the time. Really. What are you waiting for? If you would like help buying real estate in Las Vegas, whether for your personal use, or for investment, please contact me.