Las Vegas Market Watch (2007 April Month End)

Summary: The Las Vegas housing market remains flat. The overall number of listings has continued to grow weekly since January 1st. Of homes sold, the days on market decreased from last month.

Las Vegas Listings: (view chart)
For the fourth straight month the number of net listings has grown. More existing homes are consistently going on the market than are being sold. Story after story has been heard about sellers who bought with an ARM mortgage option needed to sell because they are in a tough situation. Buyers are picking up all sorts of deals across the valley.

Las Vegas Market Strength: (view chart)
The average days on market (DOM) for April decreased slightly affecting our market strength meter for positive. This factor is based on homes sold. The fact that the DOM was down while more listings were added to the market suggests that buyers are snatching up well priced homes. Astute, motivated sellers will price their home correctly from the start and not play around with a saturated market.

Las Vegas Resale Homes Sold: (view chart)
Homes sold since November of last year have flattened out around 1,700-2,000 per month. April is no different. A steady flow of buyers continues to enter the market, though lower than earlier last year.

Las Vegas Median Prices: (view chart)
There is simply a flat market at this point. No appreciation shown and no significant retreat in housing prices. It can be expected that with the number of listings continuing to grow buyers will continue to pick up great deals.

Las Vegas Real Estate Market Watch Conclusion: (view chart)
There is no better time to buy or sell Las Vegas real estate. If you are going to buy, do it now while the market is awaiting the next positive growth. If you are going to sell, do it now. Prices will likely remain flat so take advantage of the spring and summer selling season to make your transition.

Author: Las Vegas real estate agent: Darren Hildreth, Las Vegas Realtor®
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