Posted on December 12, 2008
Las Vegas Leading Housing Market Recovery The increase in distressed properties coming on the market since the end of 2007 has driven down home prices in 80 percent of the nation�s metropolitan areas, according to a third quarter report by the National Association of REALTORS�. But while existing home sales fell in 32 states from the second quarter, explosive sales activity in the greater Las Vegas area has pushed Nevada to the forefront of the national housing recovery.
Arizona, California and Nevada saw the largest third quarter sales gains, respectively, though Nevada has seen the highest annual increase by far, at 76 percent. Among the cities hardest hit by the foreclosure crisis, Las Vegas is showing signs of an early emergence, with annual sales statewide expected to outpace 2006 figures.
Foreclosures and short sale properties in Clark County accounted for about 80 percent of the 5,281 new listings, and 87 percent of the 2,335 total closings in November. Sales of these properties have brought the median sales price in Las Vegas down to approximately $186,000, according to the most current estimates, but many in the industry are speculating the market is close to reaching its bottom.
Jeff Brick
Windermere Services Nevada
Director of Recruitment/Attraction
2200 Paseo Verde Suite 160
Henderson, NV 89052
(702) 808-4242 Mobile
(702) 432-4600 Office
