Las Vegas Market Update
The Las Vegas housing market in 2006 is showing signs that soon we may be knee-deep in a buyer's market. The sheer number of homes on the market is staggering: including condominiums, there's about 30,000 homes up for sale right now in southern Nevada.This year in Las Vegas, there was a 24% increase in homes going up on the market, as compared to a national average of 33% across the country. This fact is giving sellers in southern Nevada a little room to breathe, as well as fueling hopes that the market conditions for sellers in Nevada may not be as bad as originally thought.
Sellers in Nevada also know that the Vegas valley adds as many as 7,000 residents per month, being one of the highest rates of population growth in the country. When there's a growing population, a large inventory of houses is less likely to cause prices to fall.
Sale prices are actually up in the area, about 5%, although actual sales have plummeted 25% as of April last year. This is beginning to get worrisome for sellers in Las Vegas, but there are widespread hopes that the increase in the housing inventory will begin to slow.
As far as buyers go, some realtors suggest waiting another 2-4 months before buying, because in this period, given the increasing number of homes on the market, it is unlikely that prices will continue to rise - and may even begin falling into the end of the year.
-Rich Cunningham
0 Comments:
Post a Comment
<< Las Vegas Homes News