Home Sales Down $100,000 in Las Vegas

A new report that was issued this past month showed real estate sales for 2009 for the city of Las Vegas. It seems as though while average prices for a single family residential detached home are the lowest that they have been since 2001. The median selling price for the home quoted above is roughly $150,000 USD. The same exact type of home averaged at approx. $250,000 this same time last year, making that a reduction of a whopping $100,000.

As a result and reflection of what is happening in the economy the real estate markets are feeling the burn. It is a historical fact that while the real estate market mimics what happens in the stock market it usually does this relatively slower than the stock market.

And while this is not what appears to be happening at this time, it is likely that we are not yet at the lowest point and home prices will continue to drop in the Las Vegas area and most of the US for the next little while at least.

The bad news: that while the real estate market is usually slower to fall it is also slower to rise back up from the falls that it experiences.

The good news: those that are new to the real estate market in Las Vegas and surrounding states have likely never seen a better time to get into the market as right now or in the next few months to follow. For first time buyers this is nothing but a dream come true and for those few investors that all kept their assets in cash, it’s a great time to pick up and sit on property until there is a turnaround and an opportunity to flip wisely!

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