Tuesday, May 25, 2010

Las Vegas Housing Market is Showing Signs of Recovery

Cash continues to be king when it comes to buying a home in Las Vegas & Henderson says local realtor Stuart Sheinfeld. Cash buyers accounted for over 50 percent of all home purchases. In April, sales were strong, inventory fell slightly and prices remained relatively stable. Existing home sales fell slightly from last month (348 units to 4,323). However, that number is still 3.6% ahead of last April. And for the first four months of the year, existing home sales are 2.488 units or 18% ahead of last year. Strong sales are the first element in a recovery. MLS inventory continued its slow steady decline, slipping to a total of 9,400 units, the lowest total since July, 2004. At current sales rates, that represents just 2.7 months of supply for the market. Existing home prices rose to $126,000 - the highest point this year - and the highest level in 13 months. The average price per square foot jumped more than $2 to $81.61 - a 4% increase over last April. New-home sales are on the rise because buyers are getting frustrated with short sales & multiple offers on REO’s say realtor Stuart Sheinfeld. Another positive economic sign is the Tivoli Village in Summerlin, a mixed-use, retail, office, condo and dining center plans to be completed(first phase) by March 2011. With new federal programs in place to expedite short sales, HAMP & HAFA, we should see the Las Vegas housing inventory continue to decline, Sheinfeld says.