March 25, 2009
Las Vegas real estate January, 2009 residential market statistics
(February, 2009 Las Vegas real estate report)
For March 2009 Las Vegas market report click here!
Las Vegas home sales in January 2009 were down -11% from December. Approximately 70% of these homes sales were foreclosures by banks (REO’s). The median price of a Las Vegas home fell -8.6% in January 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. A number of institutions stopped foreclosures during the Christmas months. These moratoriums on foreclosure have now ceased and we will see increase in Bank owned homes (R.E.O.’S) around March of this year.
The Federal Government estimates that we are over half way through the sub-prime foreclosure crisis and starting 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 decreased from December in January by -11% which can be attributed to normal holiday down turn of activity in the market.
With the still heavy inventory of homes available on the market and over 65% of these homes are vacant R.E.O.’s (bank repossessions). Las Vegas homes can be purchased substantially below the median price making Las Vegas an excellent Buyers Market.
Canadian 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.
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®
| January 2009 Single Family Homes |
% change from last month | |
| Active listings | 21,935 | -0.9% |
| New listings this month | 5,002 | +9.8% |
| Las Vegas homes SOLD this month | 2,224 | -11% |
| Median purchase price this month | $160,000 | -8.6% |
| January 2009 Condos & Townhouses |
% change from last month | |
| Active listings | 5,527 | +0.5% |
| New listings this month | 1,211 | +11.7% |
| Las Vegas condos SOLD this month | 440 | -3.3% |
| Median condo purchase price this month | $80,000 | -11% |
Las Vegas Real Estate Market Charts
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Las Vegas listing history to Jan. 2009
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Las Vegas homes SOLD history through Jan. 2009
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Median home sales price history Las Vegas real estate through Jan. 2009
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