Las Vegas Housing Turnaround

Las Vegas Housing Turnaround

Las Vegas real estate market

First we need to consider how many homes are on the Las Vegas real estate market. With nearly 15,000 Las Vegas bank owned homes on the Las Vegas real estate market. We are selling 2,000 to 3,000 homes per month which equates to a 7 month supply of Las Vegas foreclosures. Las Vegas foreclosures will continue to increase in 2009 with great Las Vegas home buyer opportunities for 2009.

 Las Vegas foreclosures

We will have 12 to 14 months of continued supply of Las Vegas foreclosures with up to a couple of years of continued inventory of Las Vegas foreclosures.

Las Vegas homes stabalize

When the worst has passed we will see Las Vegas homes stabalize in price and resale sales rise and resale inventory levels off. Two of those three things have already happened. Las Vegas homes for sale have steadied leveling off to 20,000 to 22,000 units. Sales have spiked to 3,000 monthly sales a month, double the 1,500 units sold per month last year.

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If you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me, Bob Ratliff with RE/MAX CENTRAL LAS VEGAS, at rratliff@remax.net, or call me at 702-807-5528. I look forward to hearing from you!