Tuesday, November 17, 2009

Las Vegas Real Estate Market Stats from September

Below are some interesting statistics comparing September of 2008 to September of 2009 for the Las Vegas real estate housing market:

While prices are markedly down 30 to 40%, sales volume has actually increased significantly and inventory has dried up, especially in the starting price ranges.

In September of this year Las Vegas foreclosure sales were 67.1% of the month’s resales, down from 68.4% in August, while absentee buyers accounted for a record 40.4% of September's sales, up from 40.2% in August. 53.8% of mortgage-financed purchases used FHA mortgages, up from 52% in August. The average median sales price for the same time period in 2006 was just slightly over $300,000.