Cold Weather = Warming Las Vegas Real Estate Market
With the Las Vegas real estate market, the warmer the weather reduces the chances of home sales. This trend is often referred to as the "mid-summer" seasonal trend by those in the market, so what does this trend mean for house hunters in Las Vegas Nevada?
According to statistics from Home Builders Research, a total of 1, 872 new homes were sold in June this year. That may seem like a lot, but so far this year alone there has been over 10, 395 homes sold. So what does all these numbers mean for home buyers? It means that summer time is the perfect time to start looking for your new Las Vegas home, as the market is saturated with both new and existing homes.
The cost of new construction homes in Las Vegas has actually rose recently, but is still down 2.2% from last year. Those looking for an existing home may find a better deal, as the median price of an average existing Las Vegas home runs around $277, 900 and has dropped 4.1% according to Sales Traq.
That does mean home prices in some sectors of the market has went down slightly, but no-were near to what some market analysts and experts had predicted earlier in the year. Yet that still has not slowed some sales in certain niche markets. A high-rise condominium will still run around $500, 000 with the more luxurious running higher in price, and with condos selling at such a high price its bound to help keep the real estate values high on new and existing condos and new and existing homes.
While the market is fluctuates, there is still plenty of areas with lots of homes for sale that have been sitting on the market. Both Henderson and Green Valley existing homes have been dropping prices, some by 10% to attract potential buyers or investors. Although its hard to attract buyers to buy a home, when they feel the price they pay now might be reduced in a year or so. The down-turn in sales leaves a lot of home's that are empty looking for potential owners, although the market may suffer a few bumps here and there Las Vegas real estate will always be in demand. With new construction condos keeping the market prices high, some believe that it will not be long before the market heats up as fall looms bringing investors and buyers out searching for new and existing homes.
By: Melanie Speed
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Melanie Speed is the broker/owner of eHome Realty, a full service brokerage specializing in first-class personal attention. For more information on eHome Realty's flat fee MLS listing plan, or to Las Vegas Real Estate, check out Melanie's website at www.ehomelv.com.
