Las Vegas homes, condos and townhomes for sale market seems to have picked up considerably due to slashed prices that are making these properties a good investment opportunity. Those who rent an apartment or house in Las Vegas can buy a much better home or condo and pay less for their mortgage than their monthly rent.
At the moment the supply of unsold single family houses for North, South, North West, South and South West Las Vegas is less than 7 months. Henderson has a 7 month supply and East Las Vegas has a 10 month inventory. Boulder City has a whopping 37 month supply left.
When it comes to condominiums and town homes, North, North West, South and South West Las Vegas have an 8-10 month inventory. Henderson has an 11 month inventory, East Las Vegas has an 11 month supply and South East Las Vegas has a 26 month supply of unsold condominiums and town homes.
Add the 15,000 or so unlisted foreclosure homes and condos in Las Vegas that banks are sitting on so they wouldn’t flood the market and we may have a 12-15 month supply of unsold homes and condos that have to be sold.
Future data will point to falling prices because winning bids on foreclosure listings could appraise for much more than the winning offer, at times by tens of thousands of dollars.
Home and condos that are priced at $200,000-$300,000 are responsible for 75% of all home, condos and townhomes sales in Las Vegas while 84% of all residential properties sold were foreclosures and short sales.
Now you see why I keep stating that homes and condos under $300,000 are selling very well and if you want to buy one the chances are that you will be buying a foreclosure.
Las Vegas Luxury homes and high rise condos for sale priced in the five million dollar range:
The worst performance comes from luxury homes and penthouse condos that are priced in the five million dollar range. We have 998 of these luxury homes and condos, however only 33 have sold in last two months while another 35 are currently in escrow.
I have been having serious back problems that affect my sleep, so please be patient with me, I appreciate any prayers if you see me worthy.
I want to get back to discussing investing in homes and condos in Las Vegas, but my stupid back has to let me.
Related web-site links: buying Las Vegas condos for sale, Buying Las Vegas new homes for sale, buying Las Vegas Homes for sale, Las Vegas houses, condominiums and commercial real estate for sale
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