Southern Nevada residential real estate market is actively seeking a solid foundation to stand on. Some of its more meaningful components are either moving up a little or heading down a bit, instead of going steadily in either direction. The positive thing is that the shifts now are minor which usually indicates the correction here is nearing the end of its cycle.
Local housing experts are loudly cheering the 11.7% increase in sales of single-family homes in February, as was reported by GLVAR, the Greater Las Vegas Association of Realtors. The total came to 1,098 sales. A considerable 41.5% of the transactions were short sales, where the property is bought for below its mortgage balance, or lender-owned houses banks unloaded at discounted prices. Regardless, the main point is that the buyer appears again to be showing some confidence in the market and is willing to act on the opportunities out there.
On the minus side the report states that the MLS inventory of houses for sale edged up 1.7% from January, rising to 22,497. This is the second consecutive month when it moves slightly higher, not a major concern in itself but something to keep an eye on down the road. The other minus factor was the median home price that eased down 1.4% from January and is about 20% lower than a year ago, a trend that has been going on for quite some time.
Las Vegas is drawing a lot of attention nowadays thanks to the soft real estate market conditions. Investors, those on the move, second home buyers and the plain curious from around the country and even abroad are making inquiries and that obviously means that the market is becoming attractive once more. There is no better cure for a flu-ravaged market than a healthy demand dynamic.
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Esko, what I have read in the national media about Las Vegas is the high number of foreclosures and the INCREDIBLE inventory of total product on the ground in terms of months. I hope things have hit bottom for you all.