Dear Reader,
We are currently, it seems, bobbing around on the bottom of the Las Vegas Valley Real Estate Market. One month our average sales price goes up as the number of units sold goes down. The next month, the number of homes units sold goes up while the average price goes down.
In a recent article, written by Hubble Smith at the Las Vegas Review Journal, we are told Economic Indicators are flat in Las Vegas compared to the rest of the nation, which is moving up. I don't know about you, but I'll take flat for the time being because there are other factors that are beginning to push us along in a positive direction.
As I wrote last month: "As Time Passes, Shadow Inventory will be Sold off to Baby Boomers" The past few weeks really tell a different story. The Baby Boomers are coming and they are buying shadow inventory from investors. They are also investing in regular sales in Active Adult Living Communities.
For example: We live in an Active Adult Community called "Siena in Summerlin". From January through October there were 100 to 130 homes for sale at any given time. In November the numbers dropped into the high 90's. December and January it dropped into the 80's. In February it went into the 70's and as of the time I'm writing this e-mail, there are just 63 active listings in Siena. So as we look at the overall market as being weak, there are pockets of Active Adult Communities that are in a good selling mode, which is good news for home buyers and sellers in those communities. Don't forget: As Inventory goes down and demand goes up, the prices will follow.
Another interesting little note is that 51% of the homes that were purchased last month were paid for in CASH. Over time that will reduce the amount leveraged homes in the valley, which should lead to more stability in our Real Estate Market.
Here are a couple other articles that you should read:
Las Vegas Home Sales Increase in February as Prices Drop
Foreigners Paying Top Dollar for Distressed Commercial Properties
I keep a close eye on this market each day. If you want to see everything I post on a recurring basis, visit and LIKE my Facebook Real Estate Page.
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If I can be of any help or answer anymore questions, feel free to contact me at 702-324-5390. Have a GREAT week!
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