The Greater Las Vegas Association of Realtors just released a report this month announcing an increase in sales of Las Vegas Real Estate for the sixth straight month in June. Approximately 2,226 Las Vegas Homes were sold in June, which was up 50.8% from the same month a year ago and up from 2,026 in May - we continue to see positive growth trends in our local market!
Bank Owned Las Vegas Homes are driving the market and establishing a floor for prices, accounting for approximately 65% of all transactions. We are working closely with a number of banks and have a large block of Real Estate Owned ("REO") homes that we are selling and are in touch with their representatives on a daily basis.
We are starting to see more flexibility on pricing from the banks - we believe as we move further into this third quarter of the year and into the fourth quarter, banks will become more flexible on their negotiations and pricing. They simply want to get these homes of their books to minimize a drain on their earnings.
One of the most telling statistics that was just released is the supply of Las Vegas homes available on the Multiple Listing Service - inventory has dropped from 18 months at the beginning of this year to approximately 13.7 months at the end of June. This is a healthy trend and means that we are moving back to a much healthier market and there is clearly demand for homes, especially Las Vegas Foreclosures and REO Homes, which are priced well.
We talk with consumers, homeowners and investors every day and we are constantly analyzing important statistics to help our clients make good decisions about purchasing Las Vegas Real Estate. We are encouraged when we see these kind of statistics coming from our local Greater Las Vegas Association of Realtors and believe these numbers indicate our market is returning to sound fundamentals.
Inventory is dropping, homes are selling and banks are becoming more flexible on pricing bank owned homes! It's not all blue skies and green lights yet but the tea leaves are looking better!
For further insite you can reach me toll free direct at (877) 850-7866. Have a wonderful weekend! Patrick
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