Local Market Perspective: Las Vegas
Shari Springer
Springer Realty
The Greater Las Vegas Association of Realtors reported May 6 that 1,794 single-family homes were sold in April, a 21.4 percent jump over the 1,478 homes sold in March. The sales are 29.9 percent higher than April 2007.
Properties owned by banks and other lenders are accounting for more than half of all the homes sold each month. The medium price of a single-family home sold in the Las Vegas area decreased by 3 percent from $243,169 in March to $235,875 in April, and down 22.7 percent from April 2007.
Through April, 53 percent of all single-family homes and 49.1 percent of all condos and townhomes sold within 60 days. In March, 47.3 percent of all single-family homes and 52 percent of all condos and town homes sold within 60 days.
Las Vegas has an upside — a very strong job market. Rents are rising, in areas where I own investment homes. I have seen an approximate 30 percent increase in rents over the last two years. Homebuyers that have been sitting on the side lines are facing increasing rents and many are asking themselves whether to continue renting or to buy.
Bank-owned homes in many areas that are priced under $270,000 and are approximately 1,900 sq.-ft. or more, with a potential monthly rent of $1,800 to $2,000 are seeing multiple offers.
It is important to evaluate what to buy and where to buy it for the best overall return.
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The data is deemed reliable but is not guaranteed and is subject to errors, omissions or revisions and is not warranted.