Market Conditions - July 5, 2006 by Carla L. Davis
Las Vegas was hot. Homes were selling in a matter of days -- for increasingly larger and larger amounts of money. But as other aspects of the national economy began to make their presence known -- rising interest rates, inflation, slowed job growth -- the market slowed. And then it slowed some more. So now Las Vegas is a "flat market." Experts report that "the housing market in Las Vegas has slowed dramatically and the inventory of resale homes on the market has increased along with the average time a home stays on the market. There are currently over 18,000 homes on the MLS, and this does not include new home inventory." That leaves a seller with a very hard road ahead. As buyers are urged to look for properties that are undervalued -- or priced the most competitively -- sellers are left with little room at the negotiating tables. Homeowners and investors, however, should note that appreciation rates are still healthy, despite the slowing sales -- with rates near 10 to 15 percent this year. The median price of new homes in February was $308,753 -- up 10.6 percent. (The average price of new homes in February was $337,285.) The median price of the recorded resales is reported near $282,000 -- up 8.5 percent. | 
