The numbers of properties under contract right now are unbelievable. There are 16,725 properties under contract. Of these, 2,640 are bank owned, 4,730 are regular resales and 11,541 are short sale. What to watch for here? As we approach June 30, when contracts need to be closed to qualify for the tax credits, will those short sales come back on the market? Perhaps, but there is also evidence that prices are so attractive here that the tax credit is a nice bonus, but affordability is the real motivation for buyers.
There were 3,618 sales in April – 1,580 bank owned, 967 short sale and 1,066 regular resale. Currently there are 9,375 available properties without contracts. Of these, 1,502 are bank owned, 4,109 are short sales and 5,264 are regular resales.
Housing affordability in Las Vegas is the best it’s been in 30 years, according to John Burns Real Estate Consulting. Prices have never been more affordable in relation to income. This means workers who earn below the median income level can become homeowners. If you earn a salary of about $53,000, you can afford to buy a house. We are currently among the most affordable places in the U.S. to attain homeownership.
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