Supply and Demand:
For several weeks there have been more Las Vegas home sales than new inventory coming on the market. In order for prices to increase it will be necessary for the excess houses for sale in Las Vegas to be consumed.
The report goes on to state that as the trends of supply and demand continue the Las Vegas real estate market will move towards the seller’s zone. This will likely cause an “upward pressure” on pricing.
Keep in mind that in January of 2007 a Las Vegas home had a median list price of more than $350,000. For the last 13 months Las Vegas housing has been hovering near the $140,000 mark.
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Bob and Jackie Simmons
The Realty One Group