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August Median price for 1500sf home down!

The overall market median for Las Vegas real estate has not moved as much as agents know it has. The active million plus market continues to prop the median for the market. I keep track of homes the average Joe buys. The median price for a 1500 square foot home in August fell 4.3% to $255,500 from July's $266,500. Moreover, the difference from August of 2006 is down 8.8%. From the peak of $295,000 in November of 2005 the price for a 1500 sf home has declined an amazing 13.4%. How much more does the market decline? Your guess is as good as mine.

Posted by Tim Kuptz on 09/05/2007 12:41 AM

Comments (6)

las vegas market data, las vegas market information, median price

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6 Comments on August Median price for 1500sf home down!

SEP

2007

I love Vegas.................thanks for the info.

Duane Hosek in the Black Hills of South Dakota

Its quite interesting how Phoenix has been following Vegas. Boom, then bust. I wonder what's next...possibly for both of us?

SEP

2007

I do not know Kaushik. I do know we are far from a turnaround. Foreclosures listings are increasing at a clip of 5 to 8 percent per week! I think we are sitting better than Phoenix though as we have more than 30 billion in construction going on now. This will lead to an estimated 120,000 jobs in the next 2 to 3 years alone just in the casino industry.

Tim: It is difficult to believe that a 1500 sq ft home that was worth $295,000 in November of 2005 has dropped in value to $255,500 just 22 months later. A drop in value of 13.4% Ouch !

Honestly, and this isn't going to make me any friends in Las Vegas, but I find it even more incredible that a 1500 sq ft home could have been selling for $295,000 in the first place.

Hmmm... here in Fort Worth I could easily find a 3,209 sq ft two story home with four bedrooms, three and one-half baths, two dining areas, a Family Room, a Game Room, and a Media Room for slightly UNDER $250,000.

The market in Fort Worth is, and has been very stable. A nice gradual rise in value... which makes the possibility of a "real estate bubble" existing here pretty-much impossible. For all those folks who bought them at $295,000... my heart goes out to them. Thanks for sharing your info. Karen Anne

I'm moving Karen! It is hard to beleive the same. I was shocked when prices reached $100/sf and refused to accept $200/sf in 2005. Been here 14 years and never saw anything like our run up. We all knew it was unhealthy. Wherever the bottom may be, for someone who has owned their home prior to 2004, they will still be OK when it comes to sell their home. It is the poor guys in late 2005, 2006 and this year who will take it in the shorts.

Tim: I really hate to do this to you, but here is a link to the home I was referring to in my above comment to you. And... are you REALLY thinking about moving ? Like "relocating?" There's always room for one more RE/MAX pro in Fort Worth, Texas. Come on down... as Bob Barker likes to say. LOL

Real Estate Blog - Rainy Day Brick and Stone Two Story

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