Even though the economy might be crashing down around us according to the national media but the Las Vegas Real Estate Market apparently isn’t listening. Home sales increased by 10% from August to September. The Las Vegas Real Estate Market has seen a 181% increase in homes sold from this time last year till now!
These are good signs for the Las Vegas Real Estate Market but until foreclosures begin to slow down, prices won’t stabilize. Banks and Lenders are slashing prices to get them off their books and it’s causing prices in neighborhoods all across the Las Vegas Valley to drop. Even though these homes are selling, the prices at which they are selling are hurting the market value of the neighborhoods.
So even though we have some good news, it will still be some time before the Las Vegas Real Estate Market will see home prices stabilized. I do believe the opening of Project City Centerin 2009 will have a positive effect on the Las Vegas Real Estate Market and just might be the catalyst we need to get the Las Vegas Home prices to stabilize.
