The real estate market in Las Vegas is starting to change. There is no longer the 20% appreciation occurring year over year in most areas of the city. Some pockets will still see tremendous growth but the overall market has slowed down and market times are rising and price reductions are necessary to keep the market moving.
The increase in inventory is moving more toward what is considered normal but it is also partly due to distorted expectations for most home sellers. The home prices are actually pricing in the increase that was being expected year over year. However, this increase has not happened. Average home prices are stabilizing and market times are increasing but sellers are still reluctant to bring down their prices.
Las Vegas is an interesting market place but it really has not experienced anything close to “normal” in years. The market has been extremely hot or extremely cold and many people have never lived here during stable times. The roller coaster ride has gone on for years. But now we may be seeing a healthy trend but as builders flood the market with new homes, the supple of existing homes is increasing.
The taste of buyers has changed over the years and the no longer value bit yard and large garage. They are much more willing to pay for granite counters and tile back splashes and 1.5 car garage. It may cost more for less space but the shine of a new home is hard to resist.