May 11, 2009
Las Vegas real estate March 2009 residential market statistics
(April 2009 Las Vegas real estate report)
For May 2009 Las Vegas market report click here!
Las Vegas home sales for March 2009 were up from February by a healthy +30.2%. Approximately 77% of these homes sales were foreclosures called banks (REO’s). The median price of a Las Vegas home fell -3.2% from February 2009. We anticipate additional home listings hitting the market in coming months as more R.E.O.’s are entering the Las Vegas market. It looks like price drops are beginning to slow in the market as more investor and second home Buyers are beginning to take advantage of the unusually “below market” prices of these homes. A number of institutions stopped foreclosures during the Christmas months. These moratoriums on foreclosure have now ceased and we are now seeing increases in Bank owned homes (R.E.O.’S) coming onto the market. Along with this increase in inventory we are seeing a marked increase in buyers. In some cases we are seeing multiple offer bidding on some of the best properties!
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 10.1% in February which is resulting in additional foreclosures. The number of sold homes in Las Vegas increased in March over February by +30.2% which may may be the kind of indication that Buyers are no longer waiting to make their Las Vegas home purchase and the market is starting to show signs of changing.
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 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 Canadian retirement and 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®
| March 2009 Single Family Homes |
% change from last month | |
| Active listings | 22,812 | +3.0% |
| New listings this month | 5,643 | +13.9% |
| Las Vegas homes SOLD this month | 2,980 | +30.2% |
| Median purchase price this month | $149,000 | -4.2% |
| March 2009 Condos & Townhouses |
% change from last month | |
| Active listings | 5,884 | +3.5% |
| New listings this month | 1,362 | -13.1% |
| Las Vegas condos SOLD this month | 604 | +36.7% |
| Median condo purchase price this month | $70,500 | -6.0% |
Las Vegas Real Estate Market Charts
|
Las Vegas listing history to March 2009
|
 |
|
Las Vegas homes SOLD history through March 2009
|
 |
|
Median home sales price history Las Vegas real estate through March 2009
|
 |
