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What is going on with the real estate market in Las Vegas (Part 4)

So what is happening to prices?  Yes, they are moderating some but not like you would expect. There are a couple of things you need to be aware of before I give you figures for the valley.  First off in the last year we have had some big high rise condo projects close.  These projects come with big price tags for the units that have been closing.  Most recently Sky Las Vegas luxury condominiums closed its units in the last 60 days.  This will boost the average price per housing unit in the valley higher than it really is.

So here are the figures.

According to the Greater Las Vegas Association of Realtors the average price of a home is down  3.2% from a year ago.  The total number of home sales in June 2007 were 1,476  a 41.6% drop in sales from a year ago.

 

So where are all the Buyers?  Those nasty headlines about the

Las Vegas real estate market have made the press a lot of money.  But they have also kept the Buyers waiting for that 30% drop in the market.

Yes the market will continue to soften in the short term until probably about the time the Palazzo opens.  And know I don’t think the Palazzo is going to cure the soft housing market in

Las Vegas, but it may very well firm things up and stop the softening.  And don’t look for a repeat of 2004 -2005 in 2008 because now a Buyer has to qualify for the higher rate on their mortgage. This means fewer people will be able to qualify for a loan. 

Prices will probably continue to moderate slowly through the balance of 2007. But the outlook for 2008, 2009 and 2010 show a much stronger market here in

Las Vegas.

 

So if you are thinking of selling a home you need to price your home right.  You need to know the market in your area and your neighborhood.  Your home needs to be well maintained, clean and staged. And you need the right Real Estate Agent who knows how to market in a Buyers market to help you sell your home.

 

That is what is going on with the Las Vegas real estate market!

For the Latest in Las Vegas real estate call Max at 702-334-2200. Or email me at:Max@MaxSellsVegas. com. Your comments and questions are welcome.

This entry was posted on Thursday, August 23rd, 2007 at 8:44 am and is filed under Las Vegas condo report, Las Vegas condo sales, Las Vegas home sales, Las Vegas real estate market, Las Vegas real estate news. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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