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 email@example.com, or call me at 702-354-8988. I look forward to hearing from you!