Reduced Inventory Levels Result in Stabilizing Home Values. The Las Vegas real estate market ends 2009 with median prices essentially stabilized. Year-end numbers are within 2 to 3 percentage points of May 2009 values with little or no change month to month. Supply of available homes are down significantly from the previous few years. This is due to absorption of existing listings and the slow down of foreclosures hitting the marketplace due to federal and state government influences. These results are seen in both the broad market as well as the Averag Joe homes tracked in this report. What does 2010 have in store? To have that crystal ball would be priceless! If rates, unemployment, and confidence remain the same as in the 4th quarter 2009, I believe 2010 will be rather uneventful for home values. I would bet on a potential for further decline, but nothing like the last 3 years, maybe 4 to 8%.
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