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

Greater Las Vegas real estate market, an analytic look at the Las Vegas homes, condos and townhomes market. Part One

Greater Las Vegas real estate market, an analytic look at the Las Vegas homes, condos and townhomes market part two

Las Vegas real estate market report, reasonably priced homes or condominiums in Las Vegas are hard to find, foreclosure inventory is low part 3

Las Vegas real estate market report, about my predictions for 2009, part 4

Although I have written that I don’t predict great price fluctuation for Las Vegas homes and condos that are priced below $250,000 and Las Vegas condominiums that are priced below $180,000, many assumptions have been made that can be disproven. The foremost among them is the current level of investor’s interest in buying real estate in Las Vegas. I will discuss it in detail in future blog posts, but here is a hint, inflation, and it is coming.

Other data include the number of homes, condominiums and townhomes sold versus the number of new foreclosures for the same period of time. If the number of new foreclosures is greater than the number of bank owned or REO homes, condos and townhomes, then the prices will drop. If the sold number is equal to the new foreclosures, you get stable pricing. If the number of sold properties is greater than the number of new foreclosures, then prices will go up gradually.

Below, please find the data for the number of homes, condos and townhomes that were sold through Greater Las Vegas MLS by category in the last 30 and 60 days. The total numbers of available for sale listings in Greater Las Vegas does not include contingent sales or pending sales. So let’s take a look at these numbers, they are accurate but not exact.

For the 7726 homes that have been sold in the last 60 days, 5530 listings have been added to the MLS. Sold listings in the last 30 days (3858) is more than the number of listings added to Las Vegas MLS (3620) so we have a net loss each month.

But the most important numbers are the number of foreclosure listings added to Las Vegas MLS versus the number of new properties that have been foreclosed by the banks. Even though we show a net gain of 240 new foreclosure listings, actually 209 more foreclosed residential properties sold through MLS that were foreclosed by the banks. I believe September numbers will be strong also.

What these numbers tell me is stable pricing without wild fluctuations, but we sure can use a greater selection and better variety.

Unrelated point: There has been a lot of discussion about angry people that yell and scream in town hall meetings about the health reform in United States. These are called crazy, radical, set up by far right organizations, etc. Even though I don’t agree with these people and their logic escapes me, I call them Americans that have and are exercising their constitutional right to organize (regardless of who is organizing them) and protest and don’t believe that they should be called names. Instead be thankful that we live in a country that allows its citizens to freely organize and protest, as I am.

Related web site pages: Las Vegas homes, condominiums and commercial real estate for sale

Getting the best deal for your Las Vegas home or condo, Buying Las Vegas homes for sale