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.