Some Home Sales in Vegas Area Said to Be Heating Up
May 7, 2009
April was the strongest month in more than a year for home sales under $1 million in the Las Vegas-Henderson area, and the region's REO market also appears to be improving even though prices in that range have continued to fall. "The month registered gains in almost every category except price," said Rob Jenson, who works for Jenson Group, a company that specializes in Vegas's high-end market. The monthly supply of unsold houses fell, the overall number of listings declined and, perhaps most importantly, the number of real-estate owned listings also slipped. In houses priced under $1 million, moreover, sales were up 7.8%. But the average price in the below-$1 million sector fell by 3.4% to $161,729. It was the ninth monthly price decline in a row, but the 3,063 sales were the most recorded in a year in the beleaguered market. Mr. Jenson also said that above $1 million, listings were up, sales were down - only 12 units priced above the million dollar benchmark sold in April, an 8% decline - but the average price rose 2% to $1.53 million.
JMO
With California and Arizona also showing improvement in home sales and some degree of stabilization in home prices it is time to consider re-entering the market. Word of Caution: With the Fed less likely to continue providing bailout funds to troubled banks, the banks will be forced to create liquidity by selling off foreclosed properties and non-performing Notes. This could effect home prices but will also increase sales.
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