This weeks report shows the median list price of a Las Vegas single family home for sale has dipped to $139,000. The median asking price per square foot is now at $76 in the Las Vegas valley. We are currently seeing the inventory lightening up as home sales have been exceeding the new inventory for the past several weeks. Las Vegas is still in a Buyer’s Market and we will not see prices rise until the excessive inventory of homes are consumed. However, we are likely to see an upward pressure in pricing as this real estate trend continues. We will gradually move towards the seller’s zone if this direction does indeed continue.
View the Las Vegas Homes Report …November 8, 2010.
For about the last 15 months the general median Vegas home prices have hovered around the $140,000 mark. It has been slightly above or below this level during this time frame. Keep in mind that in January 2007 the median price for a single family home in the Las Vegas housing market was over $350,000.
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Bob and Jackie Simmons
The Realty One Group