Las Vegas Market Watch (2007 May Month End)

Summary: Listing numbers continue to rise but prices remain flat. The median prices hover around $280k - 290k.

Las Vegas Listings: (view chart)

For the fifth straight month the number of net listings has grown. More existing homes are consistently going on the market than are being sold. Motivated sellers are offering up great incentives to attract buyers. Expect to see the current number of listings as the norm for some time.

Las Vegas Market Strength: (view chart)

According to the formula we are using the market strength has changed little. Buyers are still buying at a decent rate. Of those homes that sell, the average days on market remain fairly constant at 76.

Las Vegas Resale Homes Sold: (view chart)

Homes are selling. A large inventory provides great opportunities for buyers as they enter the market. The number of buyers purchasing resale homes is down from previous years when the market was scorching hot. It has adjusted to a more "normal" market. If you want your home to sell with the large inventory be sure to price it right and create the maximum market exposure.

Las Vegas Median Prices: (view chart)

Median prices are relatively unchanged. They settle from month to month between $280k - 290k.

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 for 18-24 months 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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