Foreclosures in Las Vegas have affected home sale prices dramatically. Sale prices have fallen to levels only seen eight years ago due to two thirds of homes due to foreclosures.
Nearly the past 12 months rising home sales due to a multiple listing service median existing home price of $134,900 in March. The median price same month in 2008 has fallen 41.3 percent.
Record closings of totaled 3,626 homes or an increase of 85.6 percent. The median price of bank owned home closings during March was even lower at $127,000.
The first quarter of the year had a tremendous decline of 61 percent from 2008 and total new home closings of 1,132. March new home sales were 491 units. Expected home sales to rise for the remaining 2009.
Only a slight $100 reduction in previous month median price of a new home for sale listed in the mls at $220,000. Last year’s median price was 21 percent more.
More short sales will be seen in the residential real estate market due to the foreclosures being sold at record pace with lowered prices. Buyers have to compete with their offers in a REO transaction.
How can smart buyers not take advantage of sub 5 percent 30-year mortgage rates and median home prices of $135,000?! The time is now to invest in Las Vegas residential real estate.
Foreclosures in Las Vegas have affected home sale prices dramatically!