(May 2009 Las Vegas real estate report)

For June 2009 Las Vegas real estate report go here!

Las Vegas home sales for April 2009 were up from March by a more manageable +7.3%. Approximately 79% of these homes sales were foreclosures called banks (REO’s). The median price of a Las Vegas home continued to fall to -4.9% from March 2009. The total listing for April fell -23.9% from March 2009. We believe that this slowing in inventory is only temporary as a result of the moretorium on foreclosure during the holiday season of 2008. According to Realtytrac we will be seeing increased inventory levels in May.

We are seeing a marked increase in buyers in the Las Vegas real estate market. Sales are up +7.3% over March but in comparison with one year ago they have increase +78.3%. In some cases we are seeing multiple offer bidding on some of the best properties!

We are now starting to see foreclosures of loans from prime borrowers on “Alt. A” or cafeteria loans. This means we will see an increase in higher priced, larger homes, resulting in some great buys for buyers with large cash down payments in the purchasing range of $475,000 range and above as the mortgage market is very difficult for loans over $415,000 currently. We could see pricing at 60% off of the peak Las Vegas pricing.

Las Vegas is experiencing increased unemployment of 10.4% in March which is resulting in additional foreclosures.

The total number of homes sold in Las Vegas increased in April over March by +7.3% which is continuing to prove that the Las Vegas real estate market is much more active and continues to accelerate.

With the increase sale activity and drop in new inventory it is becoming increasingly harder to find homes in excellent condition to purchase now. Las Vegas homes still can be purchased substantially below the median price but these homes are increasingly in need of repair and redecorating. 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!

Las Vegas Homes are selling at prices they previously could only dream about. We are see the numbers of Las Vegas homes selling to Canadians and other foreign buyers at unprecedented rates. Steep discounts in real estate in Las Vegas have proven to be a great opportunities for Canadian and U.S. 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®

Las Vegas Real Estate Market Charts

Las Vegas listing history to April 2009

Las Vegas homes SOLD history through April 2009

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