The Las Vegas Real Estate Market Is Softening

Article by Mike Selvon

The housing situation is complicated, delicate and ever-changing. As many American jobs are exported overseas, some people consider relocating. The Las Vegas real estate market is softening, with single family housing prices dropping as much as ,000 (3.2%) in one month. Since January, housing prices have fallen ,900 (9.2%), which means that Las Vegas homes for sale are not good for house flippers.

However, if you're looking to relocate to Las Vegas Nevada for the long haul, then you may be in some luck. People who purchased their homes in 2003 are still seeing modest gains. The median price in June is still ,865 higher (32%) than five years ago. As of June, there were 23,388 listings for single-family homes, indicating a buyer's market.

Southern and northwestern real estate in Las Vegas is a hot buyer's market right now. There are 25 new-home subdivisions in southern Nevada selling single-family houses for less than 0,000. Boulder Ranch in southeast Las Vegas and Silverado Ranch in the south both have a large range of single family detached homes that are well under 0,000.

According to "Salestraq", the lowest priced Las Vegas community is Sapphire Springs by Richmond American, which offers a 1,136-square-foot, two-bedroom, 2.5 bath home in the Northern Valley of Las Vegas for just 3,990 (down from 8,990 in February 2007).

The second-best offering is Encantos by Storybook Homes, situated in the Eastern Valley, offering a 1,271-square-foot, two-bedroom, 1.5 bath house for 9,965 (down from 9,240 in February 2007). The next best single-family neighborhoods include: Villas at Cambridge by KB Home in the Northwestern Valley (4,990), Entrata by William Lyon in Pahrump (7,000) and Avenues at Tapestry by Astoria in the Northwestern Valley (9,990). Check out "Campbell Real Estate LV" for an excellent listing of the lowest priced communities in Las Vegas Nevada.

Some people come to Las Vegas Nevada for lifestyle rather than affordable housing. According to The Las Vegas Review Journal, The northwest (west of the 95 Freeway) is the most affluent neighborhood in Las Vegas real estate, followed by Summerlin, the southwest segment near the Spanish Trail Country Club and Henderson West (the southeast part of the Las Vegas Valley).

For people who want the Las Vegas hotel style living, there are many gated communities offering country club lifestyles with private golf courses, swimming and fitness facilities, tennis courts and zero maintenance, such as Red Rock County Club, Anthem Country Club, Southern Highlands, Canyon Gate Country Club, Spanish Trail Country Club, Las Vegas Country Club, Lake Las Vegas, Queensridge, Tournament Hills, Eagle Hills, Scotch 80s (near the strip), Country Club Hills, Canyon Fairways and Painted Desert. Summerlin and Desert Shores are said to be the most desirable neighborhoods to live in because they're quiet and affluent hideaways just steps from all the excitement and glamour of the Las Vegas Strip.

Buying at the wrong time was particularly costly for some investors of Las Vegas real estate. People who purchased in 2004 are seeing gains in value, while those who purchased in 2005-2007 during the Las Vegas Nevada real estate boom saw a 34% decline. Seventy percent of people who purchased during those years are seeing negative equity in their homes, says a study by "Zillow".

If you are considering relocating to Las Vegas, then peruse the real estate classifieds for fair buys. Also, check out these websites to see descriptions of the various areas: "Las Vegas Neighborhoods" or "Lv Relocation Guide".

About the Author

Mike Selvon has some great las vegas articles. Find out more tips on las vegas real estate at his resourceful site. We appreciate your feedback at our las vegas activities blog.

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