Las Vegas is one of those regions that was most affected by the slump faced by the US real estate market recently. However, the tide is slowly but surely making a huge turn with a boost in investor dollars coming into the city, along with improved numbers in home resale for the past 8 months or so. It therefore provides a promising opportunity for home buyers looking to settle in Las Vegas to take advantage of the slight improvement despite having some rather shaky grounds.
Last August, the number of home sales in Las Vegas saw a huge jump. It was huge enough to register the city’s best in the past five-year period. The number of sales in the sub-$150,000 market range definitely helped to give a boost to the overall standing of the Las Vegas real estate market. There is also a developing trend of home prices dropping a bit for the past month. As for the median prices of homes, it has seen its lowest in 16 years!
On the other side of the desert (Reno), our research has uncovered a parallel market (hey we’re still close relatives, they the more laid back). Reno homes for sale is up but prices continue to go down. We’ve been seeing this trend for the most hard hit states like Arizona, Nevada and Florida.
During August, real estate statistics in Las Vegas indicate there were about 5,412 homes and condos that were sold in the market (new or resale). The market was particularly active in the Paradise metro area of Clark County in Las Vegas, Nevada. From July to August, the sales of homes in the area saw an increase of 19.3 %. And in comparison to data from August 2010, the total number of properties sold for the same month this year grew by 26.4 %. Taking into consideration a much wider time frame, the Las Vegas real estate market scene has boosted its performance by 6.3 % since July to August period of 1994.
It is therefore an important information that home buyers in Las Vegas ought to take note of. August is usually the peak of home buying activity in the area. This can be attributed to the fact that a few families move in to the region prior to the start of classes in September.
Las Vegas is considered as one of the most popular cities in the US and is therefore a prime location in the real estate scene. Buying properties in the region for the peak season can therefore mean you would have to shell out more to gain ownership to a property, and that does not even take into consideration the competition in the market yet. But at the same time, this is also a perfect opportunity to go shopping for new homes or properties for sale because that is when you can potentially get the best deals. It is therefore important for potential home buyers to weigh the pro’s and con’s of buying properties during the peak season as it can go either way.
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