April Las Vegas home Sales are surging as Buyers are starting to flood into the market snatching up some of the best deals ever in Las Vegas real estate!

Last month 2,879 Las Vegas single family homes sold.  That is just homes, not condos, mobile homes or townhomes.  We have not sold that many homes since September 2005 when the Las Vegas real estate market was booming and the same homes were over twice the price they are today!  All indications are that April 2009 sales will beat last months home sales substantially!

Notice the increase in sales!

Las Vegas home prices continued on their decent as the average price of a home sold in March 2009 was $173 K down from February 2009 which was $182 K.

Did someone say multiple bids on the best homes?  Yep! Take a look at this Las Vegas News report “Cheap Las Vegas Houses Cause Bidding Wars.”  The problem is that so many of the R.E.O.’s (Bank reposessions) are so trashed that when someone sees a nice clean home in a good location they make an offer.  This means that the best homes can receive up to 5 offers in a short time.  This results in a bidding war driving the price up for the ultimate winner.

I don’t know that the market is turning yet as we expect to get a lot more Bank R.E.O.’s over the next 6 months. What I do know is that if sales keep rising that the number of clean homes in desirable neighborhoods will have additional pressure on them and this could lead to higher prices and flippers coming back into the market place.  Yes, I did say that nasty word “Flipper.”  The guy that buys the dog at a low price and fixes it up to make it look like a castle and walks away with a nice profit.  We need flippers back in the market to eliminate this trashy inventory!  The problem has been that since the market keeps declining the flipper is in a risky position as to the value of his finished product.  As the market stabilizes his profit can then be calculated.  I look for flippers to be back in the market place in the next 6 months here in Las Vegas.

(March, 2009 Las Vegas real estate report)

For  April 2009 Las Vegas market report click here!

Las Vegas home sales for February 2009 were up only slightly from January by +2.9%. Approximately 77% of these homes sales were foreclosures called banks (REO’s). The median price of a Las Vegas home fell -2.7% from January 2009. We anticipate additional home listings to hit the market in coming months as a new batch of R.E.O.’s are entering the Las Vegas market. It looks like price drops are begining to slow in the market as more investor and second home Buyers are beginning to take advantage of the unusual “below replacement cost” prices of these homes. A number of institutions stopped foreclosures during the Christmas months. These moratoriums on foreclosure have now ceased and we anticipate seeing increase in Bank owned homes (R.E.O.’S) coming on the market shortly.

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 of 10% in February which will result in additional foreclosures. The number of sold homes in Las Vegas increased in February over January by +2.9% marking an end to the winter Holiday slowdown.

With the still heavy inventory of homes available on the market and over 70% 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. I have seen countless homes for sale at below 50% of what they were selling for at the height of the market. Las Vegas homes are truly ON SALE!

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 investment.

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®

Las Vegas Real Estate Market Charts

Las Vegas listing history to February 2009

Las Vegas homes SOLD history through February 2009

Median home sales price history Las Vegas real estate through February 2009