Update on the Las Vegas Real Estate Market

The past few months here in the Las Vegas valley have been crazy to say the least in terms of real estate.  Currently there are 3,396 single family homes on the market in the Las Vegas valley.  That is the lowest it has been in a while.  Home sellers are continuing to receive multiple offers in a short amount of time.  Home Builders have caught on and have continued to raise prices, so people purchasing new homes are paying a premium.  The exception to this is in niche segments of the market such as 55+ communities, prices have been fairly stable and high end homes over $600,000 prices are going up but by smaller percentages.  Buyers need to be prepared for a battle to get their offer excepted.  Offers must be clean and free of any seller concessions and probably over list price in order to get an offer accepted.  As spring begins, more people tend to list there homes on the market but also more sellers are looking.  The real estate analysts predict only a 5% increase in home values for this year.  In order for that to remain the supply needs to double what it currently is. 

For further info on a particular neighborhood, visit my website and click on Market Insider at the top and enter the zip code you are interested in.
    www.lvhomesbymike.com