A Daily Shot of News

With high unemployment rates, foreclosure rates, and large state budget deficits, it is evident that in some ways Las Vegas real estate has been hit extremely hard by the current economic recession.  Because over 53% of the local economy is reliant on consumption, something that isn’t happening too much today because many people are dealing with their own financial ordeals, Las Vegas has not fared well.  However, on another note, there is some hope for finding success in Las Vegas.  Las Vegas area real estate over the past few months has actually fared well, with a great number of the foreclosed homes in the Las Vegas area successfully being resold at affordable prices.

According to DQNews.com, as of July Las Vegas has, for the 11th consecutive month, experienced a rise in the number of Las Vegas area homes for sale.  Many of these home sales have included many making “cash” deals, with sales continuing to target lower-cost, post-foreclosure properties.  Over 70 % of the Las Vegas homes and condos that have been sold in the past few months have been foreclosure resales, all of which had been foreclosed on sometime in the previous 12 months.  Compared to the previous year, July 2008, Las Vegas home sales have risen 62.5%.  However, the sale of newly built homes is still pretty slow because home buyers are finding much better deals with previously foreclosed homes.  Although home sales continue to rise, the median price of homes has consistently dropped.  The median price paid for new and resale properties sold in the Las Vegas metro area has dropped from $135,000 in June to $130,000 in July, down 3.7%.  In fact, median prices have dropped 41.4% from $221,990 a year ago.

The Greater Las Vegas Association of REALTORS (GLVAR) has also reported the success of recently foreclosed home and condo sales.  Although the number sold has dipped slightly in July, numbers still show that the demand for homes remain high.  GLVAR has also reported that out of the nearly 21,000 reported home listings in the Las Vegas area, only 41% did not have an offer.  Nevertheless, the number for single-family homes, townhouses, and condos still continue to experience an increase in sales and show the success of real estate in Las Vegas.