Well here is some follow up: Â yes Las Vegas experienced a double dip. Â The serving was not as big as 2008 however it was larger than I had expected. Â I was only expecting single digits but we slipped into the double digits again. Â What’s crazy with my predictions last September 2010 is that I predicted we would move to a stable market from a seller’s market. Â The market flirted with stable market territory but never slipped into a stable market.
Las Vegas continues to defy odds makers with this rather odd real estate market. Â I don’t think we will pull out of distressed territory (less than 50% short sale or REO listings & sales) for at least the next five years. Â With that being said, as long as banks continue to drive pricing on homes for sale in the Las Vegas market with REO (bank owned) inventory – we could stay in a declining pattern for quite some time.
Most of our defaults are – no doubt – strategic. Â Our economy is pitiful however many that can afford or are just “hanging on” decide to cut their losses and move on in life. Â Right, wrong or indifferent: Â I am not one to judge.
Sold August 2011:
- SFR Units Sold UP +31.5% Year over Year
- SFR Median Price DOWN -14.3% Year over Year
- SFR Average Price DOWN -12.8% Year over Year
- Condo/TH Units Sold UP +20.5% Year over Year
- Condo/TH Median Price DOWN -16.4% Year over Year
- Condo/TH Average Price DOWN -16.9% Year over Year
As you can see we are defying the law of supply and demand. Â Buyers are rushing in to purchase our fire sale priced cheap home inventory. Â HOWEVER (don’t you love “buts”?) The distressed inventory keeps coming in larger chunks even though buyers are gobbling it up!
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