Roberta's Las Vegas Real Estate Blog: Las Vegas Home Prices Hitting Bottom?

Las Vegas Home Prices Hitting Bottom?

That appears to be the setup being written about by Hubble Smith in an article in the Las Vegas Review Journal. He's reporting that home sales have doubled from year ago figures for the third straight month, and that inventory continues to shrink. The article also states that while median home prices have fallen, for the last 2 months it's been less than 3%. This was based on statistics provided by the Greater Las Vegas Association of REALTORS®.

He also has figures from Foreclosures.com that show new foreclosures are starting to decline nationally. Here in Clark County, NV, they say that preforeclosure filings have slowed, and that could be a sign of things to come. There is also this interesting quote from Foreclosures.com president Alexis McGee... “Recovery is under way. Affordable is back in the housing market,” McGee said. “In 2009, housing will not only recover, but we'll see buyers leap into this market in droves, depleting our housing oversupply, and actually put higher price pressures on the market.”

This comes on the heels of a study from National City, called Home Prices in America. In it they find that Las Vegas Home Prices are 18.8% undervalued, making what they believe an opportunity for home buyers here in the Las Vegas Valley.

Of course it's impossible to predict perfect market timing. Even this statistical information is dated, reflecting the historical data from sales closing in the month or months before, and actually sold before then as there is time until closing. Still, it can be an interesting resource for buyers to weigh when preparing to purchase a home here in Las Vegas. The only thing thing sure with this historical data and analysis...is when they begin reporting that the market has hit bottom, you've missed it.

 

If you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me, Roberta LaRocca, at roberta@search4lasvegashomes.com, or call me at 702-354-8988. I look forward to hearing from you!

 

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Comment balloon 5 commentsRoberta LaRocca • December 10 2008 04:13AM

Comments

I hope buyers will see the opportunity and start buying. Wish you good luck.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 9 years ago

This is good news for everyone. I'm ready for a recovery!

Posted by Bob: over 9 years ago

Gita: Many have already, but anyone that's considering should be looking hard, there's some great pricing and rates right now.  Good luck to you too!

Bob: Me too! It's great to see homes affordable for those that were priced out, but I'm ready for a normal market with stable growth. Need to have a break for those homeowners that bought during the peak.

Posted by Roberta LaRocca, REALTOR®, Broker, Salesperson, Property Management (Simply Vegas Real Estate) over 9 years ago

Good information in the report but it doesnt take in account how quickly the market has changed since 3Q2008.  Prices are still falling. 

Posted by Alan over 9 years ago

Alan: That's very true, and shows why 'perfect' market timing, or a true bottom, is impossible to predict. It's much easier to determine in hindsight, but of course you've missed it.  

The study felt that Las Vegas was an undervalued market at that time. If that is correct, and these median prices truly indicate that values have fallen more, it's also quite possible that homes are undervalued as much, or even more, than the time of their study. 

The figure they quoted was also an average for the entire Las Vegas market, so some properties will be above or below that mark. Just like median price represents the median or middle price of homes that have sold, with some above, some below.   I think it would still indicate to home buyers it's a good time to be looking very closely to see what is actually available to suit their needs. Real estate is local, even within a market, and very difficult to only use generalizations to cover every property or area available within a market.

Posted by Roberta LaRocca, REALTOR®, Broker, Salesperson, Property Management (Simply Vegas Real Estate) over 9 years ago

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