Can it be we are finally approaching the bottom of our housing slump? The numbers are hinting at it. Sales are good and the difference between the median sales price in September and October was negligible. This will be a number to watch. If it stays stable over the next couple of months, this is a strong indication that we are at the bottom. Las Vegas leads major markets in reducing asking prices. Asking prices are down 7.1 percent over the past three months. Here are some interesting statistics. 61 percent of October sales were bank owned properties with a median sales price of $166,000. The median price of non bank owned properties sold was $217,000, up from $210,000 in September.
There are probably around 15,000 bank owned properties in Las Vegas right now. At current sales rates, it would take seven months to sell them all. However, with more such properties coming on the market every month, there is probably a 14 month supply of bank owned properties. That being the case, we’ll be bumping along the bottom into 2010.