Don Kuhl, Broker, ScimoneKuhl, indicates that there is hope on the horizon for Las Vegas real estate as the inventory of resale single family residences has dropped considerably from its peak at the end of July 2007 while the demand has surpassed its value relative to the same time of last year.
Las Vegas, Nevada (PRWEB) February 24, 2008 -- The state of the housing market has been in the news constantly for the last year, with very little, if any, news providing some hope. However, as Don Kuhl, Broker, ScimoneKuhl points out, the data over the past six weeks indicates that there is some hope on the horizon. As shown in the attached graph, the inventory of resale single family residences has dropped considerably from its peak at the end of July 2007 while the demand (measured in contracts being written; status of pending or contingent in MLS) has surpassed its value the same time of last year. As Don pointed out, "This convergence is what we have been waiting for allowing Buyers to be more confident going into the market."
This situation is supported by the fact that the new home permits drawn remain extremely low, almost 90 percent down from the same time last year while a good portion of the standing new home inventories have been reduced. Another key factor has been that the banks are now reducing the pricing on their bank owned properties in earnest. In some cases the reductions are greater than 30 percent at a time. It is now commonplace for multiple offers on these properties
Kuhl goes on to note that the majority of the gains made in the housing run have now been "given back" and much of the pricing seen in the market today could be equated to the first part of 2003 or earlier in some areas. "From a buyer's standpoint this is a great opportunity to take advantage of the situation. We have had a great response to our "hot deal" sheets providing lists of properties by area that are the best value as measured by $/Sq. Ft., as well as our other popular subscription, "The REPO List" of bank owned properties," Kuhl states. Both are available at VegasRealEstatePros.
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