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

 Overview of current Las Vegas homes for sale market

I have gone over the Las Vegas real estate market conditions for Las Vegas homes for sale for July-2010 and the reason that I picked July was that the tax credit had expired and would not significantly affect the results. If anything, July would be a bad month to report home sales in Greater Las Vegas, since home buyers who wanted to take advantage of the tax credit have already purchased their home.

While, most market reports about Las Vegas housing are based on the meaningless median price, I have tried to show that the home for sale market is not the same for all price ranges. See the market report for homes priced below $100,000 and luxury homes.  Sold prices for bank owned homes and short sales homes is at 105% of asking price for homes priced below $100,000 and if a buyer wants to buy a foreclosed homes in this price range, he/she has to compete with cash investors who can close the deal in less than 30 days. You can’t bring a plastic fork to a gun fight and expect to win; low balling offers in this price range will get you nowhere quickly.

The second issue that I have tried to show is that the market is not the same in every price range. Check out the sold price to asking price ratio for the more expensive homes, for example homes priced at $500,000-one million dollars. Foreclosed or bank owned homes that have sold in this price range have sold for more than 100% of asking price, while short sales have sold for about 92% of asking price and non-distressed homes for about 93% of asking price.

When a good Las Vegas Realtor makes an offer on a Las Vegas, Henderson or North Las Vegas home, he/she should take into account current market conditions by price range and type to have a good chance of success.

I do not see any significant price drops for homes that are priced below $200,000 based on today’s numbers with one caveat; at the moment investors are the driving force in the Las Vegas homes and condominiums market and these are a fickle bunch, one moment they are here and the next moment they are gone.

 Las Vegas real estate investors will not flee the Las Vegas housing market because it is a great investment opportunity as it provides good cash flow and excellent odds of good future appreciation as our housing market is about 17%-18% undervalued, but as long as our media is doing all it possibly can to scare the heck of them who know what will happen.

Where is the Las Vegas homes for sale market going?

I am happy to report that as far as I know 25,000-35,000 bank owned shadow inventory homes is DEAD, no one has brought it up since my blog series and subsequent declaration by Larry Murphy that put this number at 6,500 but fear mongering goes on unabated!

The next big wave is short sale homes; as lenders will try very hard to sell a home as a short sale before they foreclose on it and make the process palatable enough so that Realtors like me wouldn’t avoid them and it is starting to work.

The way that these banks are starting to deal with short sales will have a significant positive effect on the housing market and I will explain this next post.

I am reproducing the links for homes in all price ranges below so you can check yours.

Las Vegas real estate market – homes for sale priced 1 Million Dollars plus

Las Vegas real estate market – homes for sale priced $500K-One Million

Las Vegas real estate market – homes for sale priced $300,000-$400,000

Las Vegas real estate market – homes for sale priced $200,000-$300,000

Las Vegas real estate market – homes for sale priced $100,000-$200,000

Las Vegas real estate market – homes for sale priced below $100,000

Related Web-Site links

Las Vegas short sale homes or condos for sale

 Las Vegas foreclosed or bank owned homes or condos for sale

 Las Vegas non-distressed or traditional sale homes or condos for sale