User11996_33_t Arina S. Hanciulescu
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LAST UPDATED:December 4, 2007

 

 

 

 

 

 

 

 

 

Single Family

 

 

Condo/Townhome

 

 

 

# Listed

# Sold

 

 

 

# Listed

# Sold

 

 

2003

39,194

30,142

77%

 

2003

7,531

5,539

74%

 

2004

60,661

35,260

58%

 

2004

11,306

7,581

67%

 

2005

57,943

33,529

58%

 

2005

11,474

7,872

69%

 

2006

64,049

24,130

38%

 

2006

15,589

5,826

37%

 

2007

59,397

14,400

24%

 

2007

14,522

3,109

21%

 

Clark County Assessor said population and employment growth should help prop up the city's real estate prospects in 2007 and 2008. What's happened here is the market has corrected itself, and it's just about through doing so

Fortune magazine's list of 10 housing markets ready for a fall:
Market2007 projected price change2008 projected price change
Las Vegas-6.6 percent-8.1 percent

 

3 Comments on Market Updates - Las Vegas -

Thanks for the numbers.  That unsold inventory is brutal, but 14,400 single family sales may actually beat Santa Clara County, California.

Frank

12/30/2007 02:40 AM by Frank Jewett (tech4REpros)

Those are some tough numbers! Best of luck to you in 2008, Happy New Year!

Your friend in Charlottesville

12/30/2007 08:28 AM by Charles McDonald / Your Trusted Broker for Charlottesville Real Estate (RE/MAX Assured Property)

Arina, both the listed and sold in Single Family and Condo have shifted to SUCH a strong buyers market it is amazing. Either construction and investor speculation got out of control, foreclosures zoomed, or buyers have fled the area or remain on the sidelines. I always like to know the "why" behind the numbers. Hopefully you are at the BOTTOM of the current cycle. The charts are very revealing. In our Dallas market we have something roughly like 50,000+ homes listed but our solds are nowhere as low as 14,000. That's a huge drop from 35,000 in the year 2004.

The Fortune magazine article projection of price depreciation in 2008 being worse than 2007 agrees with some analysts that think it will be until 2009 in some areas of the country before a recovery occurs.

12/31/2007 12:17 PM by Gary Woltal - REALTOR® Dallas Ft. Worth (Keller Williams Realty)

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Real Estate Agent: Arina S. Hanciulescu (ELITE REALTY)
Arina S. Hanciulescu
Las Vegas, NV
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