February 22, 2009
Las Vegas real estate Dec. 2008 residential market statistics
For the January 2009 Las Vegas real estate report (click here)
Las Vegas home sales in December 2008 were down +14.4% from November. Approximately 77% of these homes sales were foreclosures by banks (REO’s). The median price of a Las Vegas home fell -5.9% in December from the previous month. We will continue to see additional listings hit the market in coming months as a new batch of R.E.O.’s enter the market. Look for prices to continue their decent at least through March 2009.
The Federal Government estimates that we are just over half way through the sub-prime foreclosure crisis and about to start another large group of loan foreclosures known as “Alt. A” or cafeteria loans. Las Vegas is experiencing increased unemployment and under employment which will result in additional foreclosures. The number of sold homes in Las Vegas actually increased in December by +14.4% which can be attributed to Buyers moving into the market with the economic analysts anouncement that Las Vegas is underpriced by 18% creating a period of real value in purchasing real estate here.
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 winter homes. 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 65% of these homes being vacant R.E.O.’s (bank reposessions), 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®
| December 2008 Single Family homes | % change from last month | |
| Active listings | 22,144 | -2.7% |
| New listings this month | 4,555 | -0.5% |
| Las Vegas homes SOLD this month | 2,498 | -14.4% |
| Median purchase price this month | $175,000 | -5.9% |
| December 2008 Condos & Townhouses | % change from last month | |
| Active listings | 5,501 | +1.3% |
| New listings this month | 1,084 | +4.7% |
| Las Vegas condos SOLD this month | 455 | +16.1% |
| Median condo purchase price this month | $89,900 | -0.9% |
Las Vegas real estate Charts
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Las Vegas listing history to Dec. 2008
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Las Vegas homes Sold history through Dec. 2008
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Median home sales price history Las Vegas real estate through Dec. 2008
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Contact Max and let him know what you are looking for here NOW!
