Las Vegas Nevada Real Estate Blog

The Las Vegas real estate market has had its challenges during the past year, but we do see the light at the end of the tunnel!  During my most recent real estate auction on March 23rd, more than 200 foreclosed homes were sold to the highest bidders……some real deals were purchases.  And, as importantly, the standing inventory of foreclosed resale homes was reduced by that same number.  We anticipate another “surge” of foreclosures during the next quarter, after which most of us expect the market to begin its correction.  Activity has greatly increased, and I have seen many more buyers looking and buying homes in this “buyers’ market.”  The luxury condominium market has declined, as several projects have cancelled due to increased construction costs and financing constraints.  New home sales have increased, while developers are offering some great incentives to buyers.  It appears that the worst if almost over, the overall forecast for the Las Vegas economy is positive, given the number of new hotel rooms and commercial construction adding jobs.  I see a great second half of 2008!