las vegas property could be poised for a turnaround
News Posted On: 15 November 2011
Las Vegas was one of the hardest hit American states and had the highest mortgage default rates for 22 months in a row. While house prices have declined by a massive 60% from their 2006 highs, there are finally signs that the property market may be on the verge of recovery. Even though it is a bit of a risk many overseas buyers are being tempted by the bargain prices.
According to data from the National Association of Realtors, by the end of September 36,000 homes had been sold. This is an 11% increase on 2010, which has helped to reduce the inventory of unsold homes in the region, with just 10,000 currently listed, which is around 2 months supply. Nobody is expecting a quick recovery, but experts do think the market may finally be close to the bottom.
Las Vegas continues to be very attractive to visitors, according to the latest data 3.3 million people visited the city in September alone. This growth in investment is fuelling growth in the labour market, particularly in the services and retail sectors which grew by 5.5% in the year ending September 2011. This growth helped to fuel a 2% decline in unemployment in the region, which is one of the biggest falls seen across all US metropolitan areas during the period.
At the moment homes in Las Vegas are around 30% cheaper than the national average, and prices aren't yet rising substantially due to the high number of foreclosures, but with the improvements in the local economy buyers are choosing to purchase affordable properties before the recovery really picks up pace. Last month sales increased by 20% compared to October 2010.
View property for sale in Las Vegas
Written by Les Calvert
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