Las Vegas Real Estate Market Update!
Those in the market for Las Vegas real estate will come across many bargains, as many distressed properties are still listed at a discounted price. In order to determine when Las Vegas home prices are bargains, you should probably first look into the current market trends. Before you make an offer on a property in Las Vegas, you should do some legwork and research the city's local real estate market conditions (E.g. whether or not it is a buyer's market, etc.)
Smaller Inventory of Las Vegas Homes for Sale
In March 2013, Las Vegas saw a 13 percent decrease in the number of properties on the market. This was 29 percent less than the number of listed properties during the same month last year, and a full 63 percent less than two years prior. Still, there were over 4,200 properties on the market in March 2013, so those shopping for Las Vegas real estate have many properties to choose from. The number of distressed properties in relation to the number of homes on the market remained steady throughout these years.
This smaller inventory may be the reason that the number of homes sold in the beginning months of 2013 was lower than in the beginning months of 2012. Still, the number of sales has not dipped to the low points of 2007 and 2008.
Home Prices Trending Upward
At the end of February 2013, the median sales price in Las Vegas was $142,000. This indicated an upward trend over the previous year. In fact, home prices have gone up 31.5 percent over the same time last year. This was also a 4.5 percent increase over the prior quarter. Over the past five years, real estate prices have dropped by 43.2 percent, so this upward trend is a welcome one for those who are looking to sell properties in Las Vegas.
Tremendous Price Variance by Neighborhood
Las Vegas has many different neighborhoods, and Las Vegas home prices reflect the neighborhood the home is in. The most valuable properties in February 2013 were those in Summerlin South. Sunrise Manor had the most affordable properties. Mid-range homes were sold in Summerlin and Spring Valley.
Get the Best Home Prices with an Agent's Help
Las Vegas home prices can vary wildly, and working with a local real estate agent can help you find the best deals. Discounted properties tend to sell quickly, and your agent will ensure that you are aware of these properties before someone else can step in and snatch them up.
Another benefit of working with a Las Vegas real estate agent when shopping for your Los Vegas home is the fact that agents are more familiar with the market and current trends. This means they are going to be better able to determine the fair market value of the home. They know what the home should be worth, and can advise you as you make an offer on it. A local agent is skilled at finding comparable properties to look at, so you will be able to find even more homes in your price range.
As you begin the search for your Las Vegas home, keep these trends in mind. Get a qualified local agent on your side, and soon you will find the right home at the right price.