The Las Vegas real estate market remains resilient even after so much talk of a national market slowdown. Buyers continue to move to the valley and sellers are selling their homes. Prices are steady and new home builders are calm.
Las Vegas Listings
After dropping several hundred listings (view chart) in the months of November and December sellers have begun to list more homes as expected in January and February. Only in this first week of March have the listings leveled off since the first of the year.
Las Vegas Market Strength
The average days on market for homes has increased. Compared with a leveled out median home price the market appears soft. Compared to many areas of the united states, however, Las Vegas' market has not decreased below normal national levels.
Las Vegas Resale Homes Sold
January and February of this year have shown a decrease in the number of resale homes traditional with the selling season. The winter months of the year normally prove to sell fewer homes and this year even fewer homes have sold compared to recent years. However, compared to normal years previous to the boom, homes sold is at a fairly normal pace.
Las Vegas Median Prices
Homes, including single family, condos, and town houses, have remained very stable throughout the year of 2006 and remain leveled off at around $290,000-295,000 for the median home. Removing condos and townhomes shows the same trend at around $320,000.
Las Vegas Real Estate Market Watch Conclusion
Las Vegas is resilient. Great jobs, entertainment, and business keep the market strong. People continue to come to the valley to live and that trend is expected to continue for many years. Now is the time to buy. The market is not going to decrease much further if any at all so the only direction is up.