Home prices in Las Vegas moved up in May but still remain down from just a year ago.
Average home prices in the Las Vegas area rose by 1.9 percent during May compared to April, as mentioned by S&P/Case-Shiller Home Price Indices. However, they remained down 3.2 percent from May 2011.Local average home prices are still more than 60 percent below their August 2006 peak, also noted .How long will the home values be suppressed by this economy? Well at this point in time there are multiple offers on the majority of homes that are considered deals. Low or high end homes are being hit with multiple offers if they appear to have a low price per sq. ft. ..
The Las Vegas Real Estate market tends to be a very sensitive arena, prices soar up or crash down in the wind of an eye. Where is the stability? Is the Real Estate market in Las Vegas going to do the same game as in 2004? Some of the sales tactics are the same,, some sellers are asking for buyers to pay above appraised value when the appraisal comes in low. Many banks that sell foreclosures tend to ask buyers for there highest & best final bid during the multiple offers they get during the first week on the market.
The lack of inventory in today’s Las Vegas Real Estate market will push home values up, hopefully the banks that have ghost real estate inventory’s will trickle them
on the market at just a bit below market value ,, instead of driving down prices in subdivisions by selling the homes as fire sale as they have been known to do in the recent past. Hope you enjoyed my Las Vegas 2012 news update. Jonathan Abbinante Broker Owner “Rockin The house “