After a long trend of home shortages in Las Vegas, not only are there new homes available to move into today, but available homes in the single family resale sector are at the highest levels since early 2012. Currently there are over 6300 homes available within the Las Vegas area, not including town homes and condominiums.
Las Vegas inventory is up due to a few reasons, the first of which is price. The big venture funds from wall street have had a powerful effect on price stabilization due to their ability to buy at above the asking price, which has given appraisers the ability to validate higher values. This in turn has allowed many home owners to ask for a price that would not put them in a short sale position. Now that those investors have largely capped out their ability to profit on under valued properties in the Las Vegas area and moved on to more profitable options, the market is seeing an increase in traditional sales, which is great for families that have been fighting to get their offers accepted while searching for a home. While the prices are not as low as they once were, what we see now is a more stable market for home sales that is close to the long term price trend (pre-boom).
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