Decling Resales in Las Vegas
Las Vegas Housing Market has seen a significant drop in resales. Only 4,279 resales were recorded which is 2.2 percent drop from last year. Resales are down for whole year by 9.3 percent and stand at 54,288.
When the home prices were appreciating at 40 to 50 percent in 2004 a lot of homeowners put up their for sale to cash in on the windfall. This resulted in more than 15,000 homes being offered for resale in short period of six months.
This increase in inventory resulted in less number of multiple offers and houses started staying longer on the market. Then again investors who had invested in real estate are getting out of it as they sense a slow down in the real estate prices all this adding to the inventory of resale properties and slow down in their offtake.
The decline in resales in Las Vegas is similar to what is being witnessed throughout the country. Resales fell for the second month in a row. It fell by 1.7 percent in November to an annual rate of 6.97 million units which is the lowest since March according to NAR.
When the home prices were appreciating at 40 to 50 percent in 2004 a lot of homeowners put up their for sale to cash in on the windfall. This resulted in more than 15,000 homes being offered for resale in short period of six months.
This increase in inventory resulted in less number of multiple offers and houses started staying longer on the market. Then again investors who had invested in real estate are getting out of it as they sense a slow down in the real estate prices all this adding to the inventory of resale properties and slow down in their offtake.
The decline in resales in Las Vegas is similar to what is being witnessed throughout the country. Resales fell for the second month in a row. It fell by 1.7 percent in November to an annual rate of 6.97 million units which is the lowest since March according to NAR.
0 Comments:
Post a Comment
<< Las Vegas Homes Watch