Signs of Life in the Las Vegas Real Estate Market

I just got a hold of a great graph to show what’s going on in our market right now.  Las Vegas is leading the nation with foreclosures, but the great news is our inventory of homes is slowly going down, while increased activity gives us signs that there IS light at the end of the tunnel.  Everyone take  a deep breath with me.  We’ll get through this and our market will be stronger for it.  Our contingent and pending sales from May 2008 are DOUBLE what they were a year ago. If activity continues to increase our inventory will go back to a normal market possibly by the end of the year.   Just as a side note, there are price ranges that are still selling quickly, in fact they are HOT.  I’ve noticed properties in Summerlin under $150 sq/ft are not on the market long and many have multiple offers.  If you’re a first time home buyer, get in the game sooner rather than later.

2008 Las Vegas Market Prediction

If you have any questions, please contact me by email or call toll FREE 1-866-589-1646

Felipe Crook

Prudential Americana Group Realtors

Las Vegas NV


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