January 16, 2009
Las Vegas real estate Nov. 2008 residential market statistics
For the December 2008 Las Vegas real estate report (click here)
Las Vegas home sales in Nov. 2008 were down -19.7% from October. Approximately 70% of these homes sales were foreclosures by banks (REO’s). The median price of a Las Vegas home fell 2.1% in November from the previous month. It looks like we are going to continue to see additional listings hit the market in coming months as a new batch of R.E.O.’s continue to enter the market. I look for prices to continue their decent at least through January 2009.
The Federal Government estimates that we are just over half way through the sub-prime foreclosure crisis but now we are experiencing increased unemployment which will result in additional foreclosures. The number of sold homes in Las Vegas fell 19.7% which can be attributed to a slower economy as well as tight credit markets.
There is a substatial increase in U.S. investors and foreign investors buying in this market. Canadian retirees in particular are finding the Las Vegas homes as second homes and a great place to winter. Canadians have been very impressed with how much their dollar will buy in this temporarily depressed Las Vegas real estate home market. Now we are seeing increases in the number of Chinese investors finding their vacation homes here in Las Vegas.
With the still heavy inventory of homes available on the market and over 64% of these homes being vacant R.E.O.’s, Las Vegas homes can be purchased substantially below the median price making Las Vegas an excellent Buyers Market.
Canadain and U.S. citizens can buy Las Vegas Homes at prices they previously could only dream about. We are seeing the numbers of Las Vegas homes selling to Canadians, Chinese and other foreign buyers at unprecedented rates. Even though the currency exchange rate has narrowed to more traditional levels the steep discounts in real estate in Las Vegas have proven to be a great opportunities for foreign investing.
For more insight on the Las Vegas real estate market I invite you to visit my “Las Vegas real estate report” blog.
I would also like to invite you to contact me in person for specific opportunities in this exciting Buyers market.
Max Schmidt
702-334-2200
Contact Max and let him know what you are looking for here NOW!
Source: Greater Las Vegas Association of REALTORS®
| November 2008 Single Family homes | % change from last month | |
| Active listings | 22,770 | -0.7% |
| New listings this month | 4,577 | -16.9% |
| Las Vegas homes SOLD this month | 2,183 | -19.7% |
| Median purchase price this month | $186,000 | -2.1% |
| November 2008 Condos & Townhouses | % change from last month | |
| Active listings | 5,573 | +0.8% |
| New listings this month | 1,035 | -16.2% |
| Las Vegas condos SOLD this month | 392 | -5.3% |
| Median condo purchase price this month | $90,750 | -17.2% |
Las Vegas real estate Charts
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Las Vegas listing history to Nov. 2008
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Las Vegas homes Sold history through Nov. 2008
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Median home sales price history in Las Vegas real estate through Nov. 2008
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Contact Max and let him know what you are looking for here NOW!
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.
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