Las Vegas Real Estate has certainly become a buyer's
market in recent months, especially for condominiums.
Real estate investors grabbed property at just about
any cost during the real estate boom this past year,
boosting prices 137 percent over 2000 levels, states
USA Today's Noelle Knox. In fact, an astounding 60 percent
of January through March property buyers took high-risk
loans just to qualify, based on statistics gathered
by LoanPerformance, a mortgage finance and securities
risk management firm.
While inflated home prices pushed real estate out of
range for the average home buyer, Las Vegas condominium
and single-family home contracts are now being cancelled
left and right. Single-family sales plummeted 17 percent
this spring and nearly 25 percent state-wide, compared
to just six percent nationwide. Plus, there's a hefty
seven-month supply of Las Vegas homes on the market. New
construction homes, nearly half of all city-wide real
estate sales, have flattened. This means, according to
basic supply and demand, sellers are hard pressed to unload
their property and buyers have a tremendous advantage.
In this warm, desert city where 80 percent of condo
owners are investors, home buyers can still purchase a
comfortable two-story family home on about a half-acre
of land for around $330,000. The median home is complete
with 1,677 square feet of living space, three bedrooms
and 2.5 baths.
Whether you're looking to invest or settle into your
first home, the Las Vegas real estate market is a strong
option.
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