Current Housing Market Las Vegas 2011

Many areas in the US have struggled in terms of the current housing market conditions. Las Vegas is no stranger to the struggle, with nine months in a row of houses decreasing in value. In June, the Las Vegas housing market broke the regular trend, with the first overall increase, showing that there is light at the end of the tunnel for home owners in the area.

The rise was certainly nothing spectacular, with prices increasing by an average of around 0.1%. That being said, going up even the smallest amount is going to please home owners much more than them continuing to decrease in value by small amounts every single month.

Existing homes and condos had a median value of around $105,000 in July, showing a huge decrease since the boom several years to go. Maybe the fact that Las Vegas is such a central hub for business and entertainment means that they are able to sustain higher prices for longer, rather than falling victim to huge decreases month on month.

What this means is that Las Vegas and the housing market as slowly on the mend. In fact, Las Vegas was considered to be one of the poorest performing sectors of the housing market up until now. According to many statistics that have been produced in the past, they lie at the very top when it comes to the poorest performing house prices.

Las Vegas is going through change though, and is no longer considered the worst or among the very worst. Instead, they are stabilizing and hopefully on the mend. A lot of the recent stabilization of properties is down to the amount of foreclosures. Foreclosures tend to attract a lot of attention from investors, who then start looking at the area on a more regular basis. The influx in investor activity is one of the main causes to increasing demand and therefore, the overall price of properties in the area.

Other places were much more the focus of the “housing market crash media”, with drops in overall prices at ridiculously low lows. For instance, in June, statistics showed that Minneapolis took a real hit. The year on year figure was -10.8% and increasing. In fact, major places like Chicago, Phoenix and Portland all had a much worst time of it than Las Vegas. In comparison to major places in the US, Las Vegas seems to be on the mend.

That being said, very few people are jumping for joy at the current market conditions. Before a continuation of a downward trend in prices, there is sometimes a pause. The same goes for a reversal pattern in the housing market in Las Vegas. Historically, before a reversal trend (which would be prices going up in this case) happens, there is a pause while the market stabilizes. There are still plenty of mixed signals when it comes to the housing market in Las Vegas, so it is too early to tell which way prices will go.

Las Vegas may have had a good month when it comes to June, but that certainly does not mean that the market is on the mend. 2009 was the worst year for the majority of markets, with most of them bottoming out and setting new lows. That being said, the second quarter of 2011 has seen the majority of the tough markets set further new lows. This includes the likes of Las Vegas, but also Miami, Tampa and even Detroit. The housing market is certainly not out of the woods yet, with plenty of more fluctuations to come before a true trend can be spotted.

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