Las Vegas Real Estate Market Snapshot 2.12.2008

Buyers Show Their Desire for Las Vegas Real Estate.  The Las Vegas real estate market continues to show some strength.  Pending sales are at an 8-month high and the Pending Index is at a 10-month high as we bolt out of the New Year with some good energy.  Low interest rates and institutional sellers have pushed the market to some brisk activity at the lower price points.  Multiple offers are virtually everywhere at $100 to $110 per square foot up to $250K.  Another interesting point in the numbers are listings.  Last year through week 6 there were 989 new listings on the market.  This year there are 229 LESS listings in week 6 compared the rest of the year.  The Henderson sub-market is quietly picking up steam as well with a little more than 18 months supply of homes on the market, a five month low.  So is everything looking rosy?  No, there still appears to be room in the 400 to 800K range for further declines in price.  The health in the economy will determine the direction in the price range.

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