Las Vegas Housing Market - August Update

It's time for another update on the Las Vegas housing market. Prices in general have reduced in August. Rental prices remain steady at a monthly average of $1,250. This is an equivalent of mortgage and interest payments on a $175,000 single family home. It's a buyers market for sophisticated investors who will hold properties for years and build wealth through rental income!

Refer to the following highlights I've outlined to know what's going on before everyone else!

*Medium home prices for single family homes (SFR) dropped from $220,000 to $210,000 in August 2008, a 4.5% decrease

*There was a 3% price drop from January to April of this year. Prices steadied in May then dropped 5% in June. In July prices returned to the level at the begining of this year at 2%. Now we're seeing another reduction in home prices.

*Volume of homes sold in 2008 has been on a fast incline. In August volume stablized at around 2500 homes similar to the volume in July.

*Medium rental prices in Las Vegas averaged $1,200 in the past 3 years

*Rental homes listed on the market increases month over month as a result of occupants vacating bank owned homes

*97% of homes listed for rental are leased. This number is high compared to 2007 and 2006

Call me to find out how to generate $300 positive cash flow each month when purchasing your first or your next investment home.

Xiao-Qing Lu
(Shall-Ching) 702-212-2288

MBA 2002 - Management
BS 1996 - Engineering

Your Pet's Choice for a Real Estate Professional!