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Feb. 8, 2008 - Median Prices in Las Vegas Drop

 

Medium Price of a New Home Drops

Now is the time to buy in Las Vegas.  The prices are dropping.  Along with short sales and foreclosures builders are wheeling and dealing also.  The Median Home Prices in the Las Vegas Valley have dropped below $250K. 

If you are thinking at all about buying a home here in Las Vegas, NOW is the time.

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Sep. 20, 2006 - Las Vegas Year To Date Stats

Las Vegas Year To Date Sales

And 5 Year Comparison

Condo and Townhouse Sales

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
 
2002 293 258 316 343 366 371 372 360 371 375 328 379 4,132
2003 287 336 376 441 489 452 493 534 543 539 491 558 5,539
2004 469 530 660 697 667 862 780 785 697 555 327 552 7,581
2005 441 470 737 692 751 761 697 814 669 652 601 587 7,872
2006 455 484 646 541 605 587 505 512         4,335
0 MinMax 1 MinMax Chart 1 -1 "Statistics Condo/Town home Closings" Arial 27.75 None None Full Page Aerial 23.25 0 0 13005 7184.99267578125 1.3018951416015625 25.959762573242188 715.27499999999998 1914.8005480957031 11945.092500000001 4309.1993572998044 15 Solid Narrow 38 0 Aerial 30.25 Line Standard Marker 0 1 1 0 'Condominium Sold'!$A$3 2002 0 'Condominium Sold'!$B$1:$M$2 0 'Condominium Sold'!$B$3:$M$3 2 0 'Condominium Sold'!$A$4 2003 0 'Condominium Sold'!$B$1:$M$2 0 'Condominium Sold'!$B$4:$M$4 3 0 'Condominium Sold'!$A$5 2004 2 Solid Narrow X 5 2 None 0 'Condominium Sold'!$B$1:$M$2 0 'Condominium Sold'!$B$5:$M$5 4 0 'Condominium Sold'!$A$6 2005 0 'Condominium Sold'!$B$1:$M$2 0 'Condominium Sold'!$B$6:$M$6 0 0 'Condominium Sold'!$A$7 2006 0 'Condominium Sold'!$B$1:$M$2 0 'Condominium Sold'!$B$7:$M$7 Bottom 0 0 -1 "Month" Arial 22.75 None None 1 Arial 16.25 0 Automatic Left 1 1 -1 "Total Units" Arial 22.75 None None 0 Minimum Between Arial 16.25 3 Value Horizontal Top 3202.4812499999998 1384.9073382568358 Arial 16.25

 

Single Family Homes

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total  
     
2002 1,340 1,281 1,656 1,828 2,089 2,041 2,160 2,183 1,919 2,084 1,865 1,935 22,381  
2003 1,749 1,740 2,187 2,413 2,537 2,502 2,983 2,923 2,803 2,684 2,803 2,818 30,142  
2004 2,217 2,431 3,460 3,267 3,204 3,552 3,397 3,192 2,922 2,604 2,492 2,522 35,260  
2005 1,985 2,038 3,127 2,957 3,096 3,318 3,240 3,331 2,985 2,574 2,441 2,437 33,529  
2006 1,778 1,787 2,521 2,266 2,556 2,510 1,996 2,097    

 

Existing Single Family Homes

Single Family Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Medium Price
2002 $151,000 $153,000 $152,000 $154,500 $155,000 $161,000 $162,500 $162,000 $163,000 $161,945 $165,000 $167,900 $161,473
2003 $165,000 $170,000 $171,500 $175,000 $175,000 $179,975 $183,500 $187,000 $185,000 $186,000 $191,500 $196,000 $181,738
2004 $205,200 $220,000 $236,000 $252,500 $266,000 $280,000 $280,000 $280,000 $280,000 $284,000 $275,000 $275,000 $275,000
2005 $285,000 $286,000 $295,000 $297,000 $300,000 $300,000 $306,950 $309,000 $310,000 $308,000 $310,000 $312,500 $303,475
2006 $310,000 $309,000 $314,950 $310,000 $310,000 $315,000 $310,000 $312,000 $310,000
Condominium Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Medium Price
2002 $94,000 $94,600 $93,000 $104,345 $90,500 $97,500 $102,000 $102,000 $100,900 $100,000 $105,000 $106,000 $100,450
2003 $106,000 $107,250 $104,250 $98,880 $107,500 $108,750 $110,000 $110,000 $112,000 $112,500 $109,900 $115,000 $109,325
2004 $118,000 $123,000 $128,350 $130,000 $157,500 $160,000 $168,500 $173,000 $174,999 $170,000 $168,000 $170,000 $164,000
2005 $180,000 $180,000 $182,000 $187,000 $186,000 $195,000 $195,000 $199,000 $199,700 $195,000 $201,000 $204,000 $195,000
2006 $196,299 $196,450 $205,000 $201,000 $202,000 $205,000 $201,500 $206,500 $201,750
2002 2003 2004 2005 2006
Single Family $161,473 $181,738 $275,000 $303,475 $310,000
Condominium $100,450 $109,325 $164,000 $195,000 $201,750

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Aug. 15, 2006 - Some analysts SAY!!!!!!!!

                       

The Feds did not raise rates again, yet people are not buying.  Why? While the rates have gone up some they are still at record lows.  I just checked the MLS here in Las Vegas.  We have 1,320 Townhouses, 2,939, Conds, and 17,421 Single Family Residences.  WOW, that is a lot of properties.  Could some of the problem be the newspapers, television, and radio talking about how no one is buying and the bubble getting ready to burst?   If you were thinking about buying, I think I would go ahead and do it.  Do you want to wait until the rates get up to 14% or higher?  I am doing some investing myself now is a GREAT time to buy in Las Vegas.

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Aug. 4, 2006 - Las Vegas on the CNN Money List

Las Vegas made the CNN money list as one the 100 overpriced markets.  I tend to agree with the evaluation, however it does not seem to stop people from buying.  I will say though we have the highest number of homes in our MLS than has ever been there before.  Homes are also taking 4-5 months to sell.  So we may see the prices come down some as sellers get anxious.

Of course while our housing maybe overpriced, we were also on the top 100 as a good place to live.  Below are the statistics from CNN:

Las Vegas, NV
Financial
  City stats Best places average
Median family income
(per year)
$59,195 $76,893
Family purchasing power
(annual, cost-of-living adjusted)
$44,845 $68,109
Sales tax 7.75% 6.55%
State income tax rate
(highest bracket)
n/a 6.46%
State income tax rate
(lowest bracket)
n/a 2.74%
Auto insurance premiums
(Average for the state)
$2,557 $2,207
Job growth %
(2000-2005)
19.68% 10.97%
Housing
  City stats Best places average
Median home price $260,000 $259,566
Home price gain
(2004-2005)
11.20% 9.26%
Education
  City stats Best places average
Colleges, universities and
professional schools
3 8
Junior colleges and
technical institutes
0 0
Test scores reading
(% +/- state average)
-15.9% 13.3%
Test scores math
(% +/- state average)
-9.2% 16.9%
% students attending
public/private schools
91.1/8.90 88.4/11.59
Quality of life
  City stats Best places average
Air quality index
(% of days AQI ranked as good)
46.8% 71.9%
Personal crime risk
(100 is nat'l average; lower is better)
323 45
Property crime risk
(100 is nat'l average; lower is better)
267 74
Personal crime incidents
(per 100,000)
789 228
Property crime incidents
(per 100,000)
4,812 3,105
Median commute time
(in minutes)
22.4 20.8
% population with commute
45 mins. or longer
9.8% 13.4%
Leisure and culture
  City stats Best places average
Movie theaters
(within 15 miles)
23 22
Restaurants
(within 15 miles)
3,377 2,268
Bars
(within 15 miles)
397 127
Public golf courses
(within 30 miles)
62 74
Libraries
(within 15 miles)
23 43
Museums (accredited by AAM
within 30 miles)
1 7
Ski resorts (within 100 miles) 1 10
Weather
  City stats Best places average
Annual precipitation
(inches)
4.05 36.00
Clear days 210 107
High temp in July ° F 107.5° 87.7°
Low temp in Jan ° F 28.0° 23.5°
Health*
  City stats Best places average
Has health plan
(% of residents)
82.0% 88.2%
Body mass index
(avg. for residents)
27 27
Cancer mortality
(per 100,000, age-adjusted)
190.7 191.3
Cardiac mortality
(per 100,000)
174.2 202.0
Meet the neighbors
  City stats Best places average
Median age 34.2 34.5
Completed at least some college
(% of residents)
50.2% 63.9%
Married 48.5% 54.3%
Divorced 14.0% 9.3%
Amount spent on vacations
(domestic and foreign, household avg. per year)
$6,910 $7,549

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May. 30, 2006 - What does the Median Price mean?

You often hear and read in the media about the MEDIAN prices of homes. The media can slant facts and figures anyway they like so you should really have an agent who will explain to you what is going on price wise and other wise in a neighborhood you would like to live in. This needs to be done at the local level. If the agent only says the median price in this neighborhood is such and such ask what the lowest and highest are.
The MEDIAN is price is the market price for a given period of time where half the homes sold for higher and half sold for less. In the next reporting period if the MEDIAN price of that neighborhood has risen, it does not affect over all values of the homes. It means that more of the expensive side of the median sold in that reporting period. The same is true when the MEDIAN price declines. It only means that more of the less expensive homes sold.

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