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StumbleLas Vegas home prices decline in first quarter in most ZIP codes
Monday, June 6, 2011 | 3 a.m.
Fifty-one of 63 ZIP codes in Clark County recorded home-price declines in the first quarter, according to a San Diego-based research firm. Eleven ZIP codes reported price increases from the first quarter of 2010, and one remains even with last year, DataQuick reported. Overall, prices of existing and new homes and condos sold for a median price of $118,000 between January and March, a 9.2 percent decline from the first quarter of 2010.
Map it out, Vegas
The maps below show median sale prices for single-family homes in each valley ZIP code for the first quarter of this year, and the percent change from the same period last year. Overall, the median price was $118,000 for a decline of 9.2 percent.
SOURCE: DataQuick Information Systems
Discussion: 9 comments so far…
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Locally owned and independent for more than 50 years.
The Sandovalian economy kick start is beginning to stir.
For the cost of owning compared to the cost of renting. Making a purchase of a "home" and staying there for appx 3-5 years minimum with a 15 year note and low interest rate. You will come out alright and make some money, and a decent amount of your balance paid down. Rents right now are going through the roof because of the amount of rentors. That's my 2 cents
Not much in the way of stabilizing values. More pain and less gain for the coming year or more.
anthony - umm people said the same thing 2,3,and 4 years ago and those people are under water now. Be careful about giving advice even if you're a real estate agent. Are you making any guarantees?
One can find many listings even in the $20k range but getting the brokers and agents to honestly list the HOA fees in the description is another story.
One should only buy from an agent who does this full disclosure.
The price-rent ratio compares the price of a property with the annual cost of renting (called the Case-schiller index). When the figure falls below 17, the monthly cost of mortgage, taxes, and maintenance is less expensive than that of signing a lease.The US average is about 11 (five years ago it was 18.) hence it is smarter to own than rent in Las Vegas (index is below 17) as compared to Sanfrancisco where it is 65% more expensive to own than rent. But if the interest rates go north (which is possible) then the renting would be an option. This may explain why housing prices, even with the economic recovery, are falling, and why that may continue.
Real estate prices increased 22% last year in Paris. I thought the low tax, low regulation idea helped people? Looks like people like high tax areas.
This shows that everything is artificially priced.
Sandoval is destroying the economy.
Lots of pain right now but the bottom will arrive. Of course, you won't know until it's already passed. You need to find opportunity while everyone else shows fear. How many people wished they had bought stocks during the market lows in March '09?
Its fairly easy to spot a Real Estate turnaround. Always look at the Inventory, it should be at a six month absorption rate to be Neutral. Far from the two years it looks to be now. So considerably more risk going Down Than Up. There are peripheral issues also: Interest Rates Going UP, Popularity of a Neighborhood or School District etc. A Good Real Estate Broker with a CRS designation will help. Disclosure: I have been a Broker back East, however at Las Vegas prices and shoddy construction I saw everywhere, I wouldn't start up my car.
Hi Steve,
I'm not a realtor lol. At the prices that homes are at now, is a good time to buy. 2 years ago I started thinking about it. A realtor will almost always tell u it's time to buy. That's what they do. Example. I got a house cheap, 15 year note for under 650. No assosiation fee. If one plans to stay in Las Vegas you should buy. If u don't buy realitivly soon. Next year or 2. You'll be in for a little surprise.
Someone mentioned a two-year absorbtion rate here. Actually it is about 4 months which is better than a normal market. Although prices have come down, unit sales (demand) are just as strong as they were at the height of the market. The media forgets to report that. I look at a lot of investor blogs. They often talk about the "shadow inventory" in Las Vegas is huge. A misconception considering the demand. And, although it will surprise many folks, Las Vegas actually has the LEAST AMOUNT OF SHADOW INVENTORY in terms of months-supply. Source is from NAR and more here http://www.houseofvegas.com/2011/06/05/s...