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Las Vegas Real Estate Market News - The Ballen Beat

By
Real Estate Agent with Keller Williams Las Vegas S.0075212

702.604.7739 - http://www.BallenGroupHomes.com - Las Vegas Real Estate Market News

Good News for Housing in Las Vegas....
Getting Even Better

The  

LasVegas housing market is still riding a wave of recovery with a shift in sales from primarily fore-closed properties to Las Vegas short sales.


When considering either selling or buying a home, it’s important today to be aware of what’s happening in this market because it’s changing so rapidly. Recent Las Vegas Housing Reports showed the median price in Las Vegas is $138,000, up over 3.5% from July, and up a whopping 15 % over the same period in 2011. 


That makes this the first double-digit increase of the median price range (year over year) since December 2005. Las Vegas residents saw their local inventory drop nearly overnight. Over a year ago there were 11,000 homes in active status (no contracts) as com- pared to the less-than 4,000 homes available for sale today.


“As if things weren’t tough enough, this decline in inventory has really presented a challenge,” said Lori Ballen of The Ballen Group with Keller Williams Realty LasVegas. “Although interest rates are low, and it’s a great time to purchase a home for many who couldn’t afford to do so before, buyers have to be motivated. They may even have to settle for less house just to get an offer accepted faster.” Richard Ballen of The Ballen Group said, “The good news is for sellers. Sellers who would have been upside down and forced to do a short sale, are now on a bubble. Many can still sell their home outright where they couldn’t have even six months ago. Now is the time to sell.” 


As we said earlier, the Las Vegas Real Estate Market has been shifting from Nevada foreclosures to Las Vegas short sales. Local reports showed only 586 REO (bank-owned) properties are listed. Short sales took a big leap up when they increased by 56% to 1,579 listed in August. Las Vegas short sales now make up just under half of the Las Vegas housing market, where- as they only made up 22% of the market just one year ago. Foreclosures, on the other hand, were just over half of the market last year and have now dropped to around 16% – a dramatic, major shift in our improving local market. Homeowners wishing to buy or sell a home in Las Vegas can call The Ballen Group of Keller Williams Realty Las Vegas www.TheBallenGroup.com 


Buyers: 702.604.7739

Sellers: 702.482.7739 



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Lori Ballen

 
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Ballen Brands - Helping Business Professionals Rise Above the Noise.
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