Foreclosures In Las Vegas Have Affected Home Sale Prices Dramatically

ForeclosuresForeclosures 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.

Permits for new homes have stayed well below 500 for more than half a year, at 233 permits.  This first quarter total of 551 permits has fallen 51 percent from 2008.

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.

Call 702-505-6988 for VIP residential real estate search with a Real estate agent. Real Estate Agent

Foreclosures in Las Vegas have affected home sale prices dramatically!

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