BluefoxToday blog : Las Vegas housing market report mixed

Las Vegas housing market report mixed

Southern Nevada residential real estate market is actively seeking a solid foundation to stand on. Some of its more meaningful components are either moving up a little or heading down a bit, instead of going steadily in either direction. The positive thing is that the shifts now are minor which usually indicates the correction here is nearing the end of its cycle.

Local housing experts are loudly cheering the 11.7% increase in sales of single-family homes in February, as was reported by GLVAR, the Greater Las Vegas Association of Realtors. The total came to 1,098 sales. A considerable 41.5% of the transactions were short sales, where the property is bought for below its mortgage balance, or lender-owned houses banks unloaded at discounted prices. Regardless, the main point is that the buyer appears again to be showing some confidence in the market and is willing to act on the opportunities out there.

On the minus side the report states that the MLS inventory of houses for sale edged up 1.7% from January, rising to 22,497. This is the second consecutive month when it moves slightly higher, not a major concern in itself but something to keep an eye on down the road. The other minus factor was the median home price that eased down 1.4% from January and is about 20% lower than a year ago, a trend that has been going on for quite some time.

Las Vegas is drawing a lot of attention nowadays thanks to the soft real estate market conditions. Investors, those on the move, second home buyers and the plain curious from around the country and even abroad are making inquiries and that obviously means that the market is becoming attractive once more. There is no better cure for a flu-ravaged market than a healthy demand dynamic.

_______________________________________________________________________________

Provided by: 

Esko Kiuru
Mortgage, real estate and apartment industry analyst 

www.BluefoxToday.com - syndicated mortgage, housing and property management blog

eskokiuru@gmail.com
My cell: 702-499-1006

Comment balloon 8 commentsEsko Kiuru • March 15 2008 04:54PM

Comments

Esko, what I have read in the national media about Las Vegas is the high number of foreclosures and the INCREDIBLE inventory of total product on the ground in terms of months. I hope things have hit bottom for you all.
Posted by Gary Woltal, Assoc. Broker Realtor SFR Dallas Ft. Worth (Keller Williams Realty) over 10 years ago
Esko, the fact that you had at least some positive news is reason to be optimistic.  It is a start and maybe some of the inventory will start to go down, and the median price will go up.  Concentrate on the positives and hope the negatives will follow.
Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) over 10 years ago

Gary,

Mortgage foreclosures are still giving us headaches.

Posted by Esko Kiuru over 10 years ago

George,

The inventory is showing cautious signs of improvement and hopefully does even more so later in the spring.

Posted by Esko Kiuru over 10 years ago

Sir you looking at the big picture to fast, to soon to cheer and applaud.

Look at the market it high to the sky for Las Vegas and all the job lost since new year it is still a problem.

Don't be so happy to soon see the picture that 30-40% of Las Vegas residents are in deep problem financially, and how much is the flow with coming in people maybe 10-15% which in one year will be in the same deep problem as the once came in Las Vegas to make their dream came true and look what happened the casinos are the biggest fact that Vegas it is in the problem we are now.

First casinos supposed to watch people way to gamble if they play regularly and if they see a compulsive gambler they supposed to stop that person to gamble their house their life, but who cares.

Las Vegas will be always in high inventories and foreclosures as long as the state will not put a pressure on the casinos to stop the compulsive gamblers which is illegal but as long as the casino mafia makes their money who cares if they even gamble their underwear.

For that Las Vegas will be always shaky as far as housing.

This is my opinion on what is going on.

Stop compulsive gambling and the city will do better.

 

Posted by Carla over 10 years ago

Carla,

The housing market will eventually recover.

Posted by Esko Kiuru over 10 years ago

Aloha Esko,

Thanks for your post. Here in Hawaii we look to the western mainland as a potential portent of what's to come. So far we have faired remarkably well, values have held steady, sales are stable, inventories are high but thats to be expected.

I personally feel it is very important to keep a positive outlook and not fall prey to arguing for the negatives, the more you do the more you manifest the negative and foster fear. Keep up the positive outlook.

Peace and be happy,

Please join my hui Aloha'Oe

Posted by Kimo Stowell, REALTOR Associate® RS-76763 - Honolulu Hawai'i (HI Pro Realty LLC RB-21531 ) over 10 years ago

Kimo,

Staying positive is the only way to handle market downturns. Good to hear that your market is doing pretty good.

Posted by Esko Kiuru over 10 years ago

Participate