Las Vegas and Henderson Homes and Real Estate

Many national real estate metropolitan markets are still questioning whether or not they have experienced the worst yet in housing price declines, citing concerns about the expiration of the housing tax credit that expired in April 2010.  However, here in Las Vegas where we have seen some of the greatest declines already in the country, the bottom may have already passed.

Monthly home sales (including both resale and new home sales have remained steady over the past year at levels near or above 3,000 transactions per month.  In addition, the median home price has remained largely flat now for over 12 months with a modest gain in the past two.

This chart from DataQuick's website, a company that reports real estate market news for major west coast cities, shows the median price of homes has remained steady (although under $100 / square foot) for quite some time.  These two figures together mean that Las Vegas was stable before the tax credit was even a factor.

This recent article in from the DQ News website even attributes the modest rise in the median home price in Las Vegas to the decline of foreclosure inventory over the past several months, meaning that we have past the worst in troubled properties.

Although no one is predicting a sharp rise in home prices until the demand for new homes begins to outweigh the current drip of homes coming back onto to the market each month, or until the economy in Las Vegas begins to grow again, it is safe to say that we have already reached the "flat bottom" in Las Vegas that many cities have been waiting for.  This leads us to believe that Las Vegas may in fact be a bellwether city, meaning we could be the first to truly rebound from the whole crisis.

I guess everything truly does happen faster in Las Vegas.

If you are interested in Las Vegas, Henderson, Green Valley, North Las Vegas, Summerlin, Seven Hills, Lake Las Vegas, or Southern Highlands real estate, contact:

Michelle Natale
The Natale Team
Prudential Americana Group

www.natalesellsvegas.com

Michelle Natale leads a top 25 ranked team of agents for Las Vegas based Prudential Americana Group, the largest real estate brokerage in the state of Nevada. Michelle started her career in real estate over 10 years ago, and is ranked in the top 1% nationally in Prudential's national network since 2000.