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Is The Las Vegas Real Estate Market Like a Catfish?

Recently there was an article in the Review Journal

www.lvrj.com/business/las-vegas-housing-market-fluctuating-123087408.html

discussing the fluctuating nature of our market, likening it to a catfish who swims along the bottom, but surfaces occasionally to grab a bug on the top of the water.  I confess I found this image a little disgusting, but it certainly reflects the ups and downs of the average price of homes we’ve been seeing since the first of the year.  Prices are down 1.92 percent over the last three months, but went up a bit in May, which was predictable because there was a $15 million sale in May.  Treasure Island owner Phil Ruffin bought a Middle East royal family estate located at 7030 Tomiyasu.  To see what $15m will get you right now, have a peak at the virtual tour.

http://www.tourfactory.com/idxr586182

The lowest priced sale in May was $13,000.  Here’s a link for comparison.

04-SFR Brochure (Medium) View

 

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