Las Vegas Residential Real Estate Resale Inventory Rises for 3rd Straight Month!
The Las Vegas Area Real Estate Sector has been taking a beating since late 2006/early 2007 from the “mortgage meltdown”. Last year low interest rates, a tax credit and rock bottom prices on Las Vegas residential homes for sale brought on an onslaught of buyers into the market. This turned the buyer’s market quickly into a seller’s market in Spring of 2009.
With the tax credit disappearing in April, so did many of the Las Vegas Real Estate first time buyers. With less demand, inventory is on the upward march and has risen over 4300 units since the tax credit expired.
More Las Vegas REO is expected to hit the market because trustee sale purchase investors are backing away from investments due to the lack of demand.
All Las Vegas Real Estate cash purchases hit a high in July 2010 on the Las Vegas residential resale front at a staggering 45% which is further proof that the financed first time buyers have left the market.
Sellers need to be realistic with pricing because what I am saying here is – we may (keyword may) be in for another decline. I don’t think it will be as devastating as the 2007/2008 declines. We may have to kiss that stable market we have seen for slightly over a year goodbye.
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