In Las Vegas the housing market is not where it should be according to those home owners upside down after the crash of 07. Recently housing prices have been listing around 74 dollars a square foot up to 95 dollars a square foot on resales. Before the crash the prices were hovering around 118 dollars a square foot for most homes unless in the newer gated communities.
The Greater Las Vegas Realtor Association (MLS) currently have close to 23,000 resale homes listed of which over 11,000 have not had an offer on them. Many of the homes that are selling in this market are being bought up by investors once again with CASH. With cash these investors can pick up homes that sold for 500 thousand during the peak of the Las Vegas housing market for close to 200 thousand dollars right now.
Our belief is the market will start to pick up within the next 4 to 6 months with small increasing in equity for a few years until our economy straightens out. We have seen houses listed for 265 thousand 8 months ago with no offers on them. So the owners drop the price three or four times still having no interest in the property. So the owners ends up dropping the price below 200 thousand because no one is offering what they feel their house is worth.
The market is still below where it should be, however there is light at the end of the tunnel for those who can hang on. Once we get businesses open and expanding again our housing market will return to bring stability back to the area. Home prices won’t skyrocket as in the past with over inflated pricing but they will start to increase modestly.