In the May 7 issue of Money magazine, Las Vegas was listed as one of the top markets to experience a housing value decline in the next year. The magazine predicted that values would drop 18.3 percent through 2009. This was based on a median price of $277,000. In an example of how local news must always be taken into consideration when reading analyses made on the national level, the median price for a home in Las Vegas was $236,000 in April. This is 14.7 percent lower than the number used by Money magazine.
In another example of how quickly market numbers can change, available listings in the MLS are currently at 21,144, down from previous months. Of great significance, there are currently 6,365 listings with accepted offers. 1,117 of these are short sales, which statistically have around a 10 percent change of reaching a successful sale. 3,124 are bank owned properties, The balance are nondistress sales. Half way through the month of May there have already been 893 sales. These numbers are significantly higher than April.
If you have any thoughts or predictions on our local market, please feel free to comment below. If you would like more information on housing prices and trends, visit the Las Vegas Home Specialist website.