(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