Las Vegas Real Estate Market Snapshot 1.26.2009

By
Real Estate Broker/Owner with RE/MAX Advantage

The Las Vegas Housing Market Remains Active!  While listing inventory continues to creep up ever so slightly, the Las Vegas real estate market supply continues to remain stable at 8.9 months.  This is good news as prices continue to slip  - now averaging close to 50% less than the market peak in 2006.  Inventory absorption is critical to a recovering market.  The million dollar market is dead.  Fewer homes qualify for the   market segment due to price declines.  Million dollar closings though are off 366% compared to last year in the same time frame.  2009 continues the momentum established in the 2nd half of last year with a moderate number of closings through the first 4 weeks-up 108% compared to 2008. 

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Comments (1)

Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ
EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD

Glad to hear your Las Vegas market is coming back.  Seems like Arizona generally follows the lead of Nevada.  Best of luck in 2009.

Your Queen Creek Real Estate Specialist

Find Bank Owned Homes at our web site:

http://www.QueenCreekRealEstateSolution.com

 

Jan 27, 2009 10:48 AM