Las Vegas Real Estate Agent, Las Vegas Homes, Condos, Land, Commercial Real Estate and Personal Blog

In a previous post I wrote that the number of sales for January 2009 for Las Vegas homes and condos that are priced below $250,000 was going to show a big jump when compared with January of 2008 and 2007, and I was right.

I have published the Greater Las Vegas Association of Realtors (GLVAR) market report for Las Vegas single family homes, condominiums, multi family and land in the web-site’s market report page; you can find the report below.

Greater Las Vegas Realtor Association graph of sold homes, condominiums, townhomes, multi family and vacant land January, 2008-2009

As you can see the number of single family homes in Las Vegas which have sold in January/2009 has increased to 2225 from 1043 for January/2008 and 347 for January/2007.

Number of condominium listings sold in Las Vegas shows a 287% jump from last January and is the most condo listings that have sold for a month in the last two years.

The number of townhome listings in Las Vegas has yet to recover and while 210-245 townhomes sold per month in Las Vegas in 2007, the number for January 2009 is 134 and has been steady for about 140 townhome units per month sold for Sep-Dec 2008.

The greatest drop has been in the number of multi-family condominiums and vacant Las Vegas land.

While 280-459 multi-family units have been sold in Greater Las Vegas each month in 2007, the number of sold units dropped to single digits in 2008 and only 11 units sold for January, 2009.

The same is true for Las Vegas vacant land deals. Again the number of sold vacant land parcels which was in 200-400 range for each month of 2007, has dropped to 13-49 parcels of land for 2008 and only 16 parcels show as sold in January 2009.

It is easy to see what kind of Las Vegas residential or commercial properties will show sliding prices and which will drop the most.

Although multi-family properties have not been selling well, the price on these is decided based on the cash flow and as long as the rental market in Las Vegas remains stable, these should not go down to unreasonable levels; but the same is not true about Las Vegas vacant land pricing and they will go down further until we dissipate the current inventory in both residential and commercial real estate in Las Vegas.