The Las Vegas Real Estate Market Is Softening
The housing situation is complicated, delicate and ever-changing. As many American jobs are exported overseas, some people consider relocating. The Las Vegas real estate market is softening, with single family housing prices dropping as much as $7,000 (3.2%) in one month. Since January, housing prices have fallen $21,900 (9.2%), which means that Las Vegas homes for sale are not good for house flippers. However, if you’re looking to relocate to Las Vegas Nevada for the long haul, then you may be in some luck. People who purchased their homes in 2003 are still seeing modest gains. The median price in June is still $52,865 higher (32%) than five years ago. As of June, there were 23,388 listings for single-family homes, indicating a buyer’s market.
Southern and northwestern real estate in Las Vegas is a hot buyer’s market right now. There are 25 new-home subdivisions in southern Nevada selling single-family houses for less than $200,000. Boulder Ranch in southeast Las Vegas and Silverado Ranch in the south both have a large range of single family detached homes that are well under $200,000. According to www.salestraq.com, the lowest priced Las Vegas community is Sapphire Springs by Richmond American, which offers a 1,136-square-foot, two-bedroom, 2.5 bath home in the Northern Valley of Las Vegas for just $153,990 (down from $198,990 in February 2007).
The second-best offering is Encantos by Storybook Homes, situated in the Eastern Valley, offering a 1,271-square-foot, two-bedroom, 1.5 bath house for $169,965 (down from $199,240 in February 2007). The next best single-family neighborhoods include: Villas at Cambridge by KB Home in the Northwestern Valley ($174,990), Entrata by William Lyon in Pahrump ($177,000) and Avenues at Tapestry by Astoria in the Northwestern Valley ($179,990). Check out http://CampbellRealEstateLV.com/blog/?p=24 for an excellent listing of the lowest priced communities in Las Vegas Nevada.
Can you get a good deal on Las Vegas real estate by scooping up foreclosures? Well, according to a study done by www.zillow.com, more than 48% of the homes sold in Las Vegas Nevada during the second quarter of 2008 were foreclosures. In fact, it seems there are foreclosure auctions almost every weekend as sellers desperately look to unload their inventory. “The good news is we’re starting to absorb that foreclosure inventory,” said housing analyst Larry Murphy. He says that housing prices have reverted back to 2004 levels, with the median home price hovering at $215,000. Detached new home prices dropped 18% since 2007 and existing home prices declined 23%. Sixty-eight percent of foreclosed homes were single family detached models, 15% were high-rises, 10% were attached condos and townhomes and 5% were apartment conversions. Many prospective home buyers are wondering if this inflated market has hit bottom yet, but housing experts say to keep your eye on the real estate classifieds to see when inventory stops increasing, sales stop increasing and prices stop falling. Yet, by then it may be too late to grab a good deal.
Buying at the wrong time was particularly costly for some investors of Las Vegas real estate. People who purchased in 2004 are seeing gains in value, while those who purchased in 2005-2007 during the Las Vegas Nevada real estate boom saw a 34% decline. Seventy percent of people who purchased during those years are seeing negative equity in their homes, says a study by www.zillow.com. If you are considering relocating to Las Vegas, then peruse the real estate classifieds for fair buys. Also, check out these websites to see descriptions of the various areas: www.lasvegasneighborhoods.com or www.lvrelocationguide.org.