In an economy where everywhere you turn is bad news, the real estate market has some good news for a change. Home sales in Las Vegas are up in one segment of the market and showing a serious surge in activity.
Home sales are up a whopping 33% in homes priced under $100,000. Investors and first time homebuyers are making up a huge segment of that buying market. Investors are back in full force because the numbers once again and make sense and they can easily make a 10%+ return on their investment. And first time homebuyers are finally back in the market as they can finally get a foot in the door on homes when it comes to price.
While home prices are still adjusting downward in most parts of the valley, the rate of descent has seriously slowed. The median list price is now $129,900 and $69 is the asking price per square foot. The average days on market is currently at 169 days.
Inventory is down as it’s the end of the year and fewer people are putting their homes on the market, but come the first of the year after the holidays, the valley is expected to experience a surge in listing activity. As for the effect that will have on home prices, that will be revealed in coming quarter.
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