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Las Vegas real estate September 2009 residential market Statistics

Get the in-side view of the Las Vegas home R.E.O. market here!

(October 2009 Las Vegas real estate report)

Las Vegas home sales for September 2009 were down for August by 4.0%. This is primarily due to the substantial increase in the number of Buyers in the Las Vegas real estate market. Although the MLS showed 20,801 listings in the market only 7,909 units were not under contract.

Approximately 70% of the total Las Vegas home sales were foreclosures called banks (REO's). The median price of a Las Vegas home increased 1.8%. R.E.O. Selling agents are reporting that they are averaging 10 offers per home resulting in bidding wars on available R.E.O. Inventories here in Las Vegas.

The total Las Vegas single family home listings for September fell -0.9% from August 2009. We believe that the foreclosure inventory has yet to increase due to the Banks slowing of final Sheriff Sales. It has become apparent that once the completion of foreclosures through the Sheriffs auction that the banks are not releasing their inventories back on to the market. According to Realtytrac we should seeing increased inventory levels now but this as yet has no materialized.

We are continuing to see a marked increase in the number of Buyers in the Las Vegas real estate market. Sales are up 4% from August but still off 9.6% from July in most part due to lack of available REO inventory. We are seeing an average of 10 multiple offers on properties under $250,000 and many of these better properties are receiving many more offers. The R.E.O. Sellers (Banks) are now setting asking prices below their market value by as much as 20% in an effort to turn their properties into an eBay style auction. Some Banks have even required Buyers to eliminate the Appraisal condition on their offers as these banks know that the properties are Selling above what the appraisers would value them at.

Properties are selling well above the asking price and in most cases above the sales prices of the surrounding properties. With over 40% of the Las Vegas homes being sold for cash to investors the appraisal ceases to be a factor in these cash sales.

Investors are purchasing properties based on rental cash flow and in many cases this value exceeds the sales prices of like homes in the area. This results in cash investors paying more than a financed owner occupant can pay for the same home. The home buyer who will live in the home and can stabilize neighborhoods are in many cases unable to purchase as they are loosing out to the cash investor.

We are 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 Las Vegas homes, resulting in some great buys for buyers with large cash down payments in the purchasing range of $250,000 to $475,000. The Luxury Las Vegas home market is now offering fantastic deals in homes priced above the $600,000 range especially in the Lake Las Vegas area.

Las Vegas is experiencing increased unemployment of 13.4% in September. The unemployment rate has been growing and is now slowing. This will result in additional Las Vegas real estate foreclosures.

With the increase sale activity and drop in new Las Vegas REO inventory it is becoming increasingly harder to find homes in excellent condition to purchase. Poor condition Las Vegas homes still can be purchased 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! But it appears that the Las Vegas real estate market is stabilizing as inventories decrease, sales increase and the median price is no longer falling.

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 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 September 2009

Las Vegas homes SOLD history through September 2009

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

Contact Max and let him know what you are looking for here NOW!

Buying a Las Vegas home or real estate

Most people think of “The Strip” when they think of Las Vegas. But if you are considering owning a home here you’ll want to know much more about the real estate market than what’s happening on “The Strip.” Las Vegas has homes and condos for sale in all kinds of residential neighborhood settings, from small lot starter homes to luxury high-rise condominiums to some of the most expensive estates in the world.
The neighborhoods that are sprinkled throughout the Las Vegas Valley and beyond offer options for a wide variety of lifestyles and pocket books.  In many ways these Las Vegas neighborhoods are much like communities throughout the United States.  They may differ in age because most homes in Las Vegas and Henderson have been built since 1980. So generally you’ll find newer communities with modern facilities and some excellent planned unit developments with great attention to detail.
Many of the newest large Las Vegas neighborhoods are sprinkled with trails, parks, pools, ball fields and recreation facilities for you and your loved ones to enjoy. Las Vegas offers much more than fantastic shopping, dinning and gaming.  You can spend your free time on Lake Mead just minutes from your home.  You can pack up the snow skis and be on the slopes in about an hour.  There are great 4 wheeling and horse riding options as well as hiking, climbing, river rafting, camping, hunting and much more.
My job is to help you discover your Las Vegas neighborhood and lifestyle.  Together we can find the home and lifestyle that fits your needs and desires.  Lets work together on making your new home purchase a new and exciting adventure here in Las Vegas.  Las Vegas is the lifestyle City of the 21st Century.  Welcome!

Las Vegas Condo's

Have you looked in the travel magazines lately? Las Vegas Condos are taking the world by storm. Every entertainment and media outlet are featuring Las Vegas in their movies, shows, print and more!  So what’s all the interest in Las Vegas? 

Las Vegas is changing very rapidly, all Cities evolve but Vegas is literally transforming.  It use to be you would take a couple of days off work and fly to Vegas for some slot fun, cheap food and maybe a show.  But suddenly Las Vegas has become the Convention Capital of the World!  Las Vegas has become the culinary Capital of the World!  And did you know that recently Las Vegas became one of the Shopping Capitols of the World! It is transforming it self into an adult lifestyle City.  Current building projects include the World Furniture Market, the World Jewelry Center, a gas light district much like New Orleans Bourbon Street, a new world class Symphony and fine Arts Center, the new world renowned Brain Research Institute, and its currently spending $33 Billion dollars for a total evolution of the “Las Vegas Strip.” People who have visited the Las Vegas Strip will hardly recognize it for all the changes taking place over the next 5 years. Las Vegas is not evolving as other Cities are, it is rapidly transforming itself into the adult lifestyle community of the 21st Century. Add in a new rapid transit system, the extension of  the monorail to the airport, and a new Airport Exclusively for International travel, a high speed train to California that can run as fast as 125 mph and you can see the Synergy for change!
So why is all this transformation taking place?  It can be attributed to may things including the friendly business culture such as liberal incorporation laws and no state corporate or individual income tax.  It can be attributed to the new modern infrastructure with some of the world best telecommunications based right here in Las Vegas.  It can be attributed to the wealthiest group of retiring people in the history of the world (the baby boomers) who want more of a lifestyle and a warm climate.  It can be attributed to world class business diversification that is flooding into the Las Vegas Valley.  It can be attributed to the steady increase of the Convention and Travel industry that continues to grow here.  It can be attributed to the world exposure of Las Vegas as a City of Lights, excitement, entertainment and lifestyle which as brought with it a flood of the worlds wealthy to own a condominium in a City like no other in the world!
So perhaps its time for you to own a piece of the “City that never sleeps.”  A Las Vegas condominium can bring you to the pulse of this vibrant City.  A City in which you can bask in the pleasures of life with world class services available with a call to your condos Concierge.

You can find out about Las Vegas condos right here in my extensive list of Las Vegas high-rise condos pages.  With so many types of condos available I can help you find the complex that’s just right for your Las Vegas lifestyle.

Contact Max and let him know what you are looking for here NOW!

Selling Las Vegas & Henderson
Homes

The problem with a Buyers market is that everyone panics.  The Buyers afraid they not going to beat the last dollar from your pocket book and that somewhere else out there in “Real estate land” they can find something better for less.
On the other side the Sellers are frightened to death that they are going to have to give their first born to enslavement and all their money in order to sell their house! The Sellers are sure that somewhere out there is a sucker who will give them more than the appraised value of their home and a lender who will of course give 100% financing of the overly priced purchase!
Let’s face the facts: money does not grow on trees so financiers are not going to loan over value.  Buyers can be unreasonable but you simply don’t sell to an unreasonable person.  Virtually no Seller is going to give their house away for a drastically reduced price (urban legends aside).  A reasonable Buyers are going to offer reasonable price for your home or you simply will not sell but be assured other Sellers won’t sell either.
With that said I want to help you sell your home! Why should you use me?  Because you want to get the most money you can in a reasonable period of time.  I have been licensed in real estate and selling homes since 1977.  Experience counts!  I have sold homes in Buyers and Sellers markets.  That means I know the ropes and the paths to take to get you the most for your home. Please give me a call.

Las Vegas real estate and condos with Henderson homes sales is your one stop shop for anything to do with housing in Clark County, Nevada.

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Max Schmidt Broker/Agent
702-334-2200
*30 years as an Agent
*Nationally syndicated Authority
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Prudential Americana Group, Realtors®
Max Schmidt P.C. dba Max Schmidt
Broker/Salesman
871 Coronado Center Dr., suite 100
Henderson, Nevada 89052
Best Contact (702) 334-2200
Office (702) 458-8888
Fax (702) 458-5276