Interesting news on the Las Vegas housing market this week – sales reached a 5-year high according to Dataquick. Surprised?
The positive signals have been building for the last 14 months:
- We noted the deceleration of Las Vegas’ price declines in January 2010.
- Towards the end of 2010, inventory started spiking causing downward price pressure in Q4, but the the relative drop in prices compared to the influx of new inventory was mild.
- By October 2010, the trends showed that house-flippers re-emerged in Las Vegas.
More recently, the price of new listings (the new sellers entering the market each week – black line below) moved above the overall market ask price (all available sellers – orange line below) by mid-October 2010:
On a percentage basis:
With price reductions leveling off this Spring (still elevated but down from the 55% range we saw back in early 2009):
The cues were there. Remember the house wants you to win – that’s the only way you’ll come back for more…