All throughout the country, foreclosure activity is declining as the real estate market is picking up and making progress toward recovery. However, when it comes to recovery, it is very much dependent upon the local real estate market.
What, exactly, does the Las Vegas real estate market look like today, and what are predictions for the future?
Home Prices Rise in Las Vegas
Like many others real estate markets, home prices are rising in Las Vegas due to the decline in supply. Specifically, home prices are 31% higher in April of this year in comparison to April 2012. In addition to an annual increase, home prices in Las Vegas also increased 3.7% from March to April of this year.
For April 2013, the median price was $167,000 - although this number is higher than the $160,000 figure from March, it is still a long way off from $315,000 in 2006.
The rising home prices and declining housing supply is definitely indicative of market recovery in the Las Vegas area.
Increase in Consumer and Investor Confidence
In addition to the rising home prices, consumer and investor confidence in the Las Vegas real estate market is evident - something that was unheard of over the last few years as Las Vegas was plagued with a high number of foreclosure properties and very low home prices.
Today, however, the tides have turned and people are no longer looking for “the bottom” and are instead realizing that progress is underway and the still-low home prices in Las Vegas are merely temporary.
Things are definitely looking up for Las Vegas and investors are purchasing land as planned communities are being developed.
Las Vegas’s Transformation into a Seller’s Market
Like many other cities throughout the United States, over the last few years home sellers have had a difficult time selling their homes, leading many homeowners to become landlords as they had no option but to rent their homes out to tenants. Today, however, many of those same homeowners are taking advantage of the declining inventory and rising home prices, and are putting their homes on the market and successfully selling them.
As home prices and demand rise and inventory declines, Las Vegas is looking more and more like a seller’s market, which was unheard of over the last few years.
At the end of the day, things are looking up for Las Vegas as home prices rise, supply declines, and investors and consumer confidence in Las Vegas real estate increases. If Las Vegas follows the same trends as other cities, home prices will more than likely continue to rise as the Vegas real estate market makes slow but steady progress toward recovery.