Wednesday, April 13, 2005

Some Prices Come Down In Las Vegas

Thanks to the reader who posted this Las Vegas Homes link. As you can see, there is apparently a re-evaluation going on in Sin City.

23 Comments:

At 1:22 PM, Anonymous Anonymous said...

Wow. 828 homes have had a price reduction in the last week? That seems like a pretty high number.

 
At 1:30 PM, Anonymous Anonymous said...

828 Homes reduced in 7 days. How many homes are on the market?

Cashking

 
At 1:31 PM, Anonymous Anonymous said...

Amazing, although even the lower prices seem high. I just don't understand it.

How many of the homes, or what percentage of those listed do you think are owned by investors/flippers?

 
At 1:33 PM, Anonymous Anonymous said...

I just answered my own question. There are 19678 homes listed on the site. This means that less than 5% of all homes have been reduced in the past seven days.

I wonder how many homes overall have been reduced?

Cashking

 
At 1:37 PM, Anonymous Anonymous said...

19,678 homes are on the market for sale? wow... i thought vegas was supposed to have such a limited amount of homes and land available...

 
At 1:38 PM, Blogger Nayrab said...

BTW, I will bet after the bubble blows the word "flipper" will become a derisive term.

Remember in the early 80's.
when we would call other schoolmates "queers"? Did you ever play "Smear the Queer" during recess?

Pretty soon you'll hear comments like; "I'll bet your momma wears combat boots and your dad's a flipper".

 
At 1:57 PM, Anonymous Anonymous said...

To give some perspective to the 19,678 Vegas homes for sale - in the city of Los Angeles there are currently 4740 homes and condos listed.

 
At 1:57 PM, Anonymous Anonymous said...

To give some perspective to the 19,678 Vegas homes for sale - in the city of Los Angeles there are currently 4740 homes and condos listed.

Cashking

 
At 3:18 PM, Blogger Ben Jones said...

(in the city of Los Angeles there are currently 4740 homes and condos listed)

Holy cow! LA has to be many times the size of Vegas. Thanks CashKing

 
At 3:20 PM, Anonymous Anonymous said...

"To give some perspective to the 19,678 Vegas homes for sale - in the city of Los Angeles there are currently 4740 homes and condos listed."

Holy cow....that's a stunning statistic. LA is the second-largest city in the USA. There's gonna be a crash in Vegas like nobody's ever seen!

 
At 4:06 PM, Blogger John Law said...

good pick, I think I might go with Miami as my darkhorse, they had a ton in the works. I'm sure there are a lot more condos in the works in vegas too.

that RE economist guy, Leare?, was on tv yesterday saying why RE is better than owning stocks right now. it's funny, just about every reason he mentioned for not owning stocks was applicabe to RE!! I laughed and laughed.

 
At 6:10 PM, Blogger deb said...

His new book ("Are You Missing the RE Boom") will be the "Dow 36,000" of the RE bust.

 
At 6:26 PM, Anonymous Melissa said...

The Las Vegas agents at Realty Times are trying to put a bold face on it.

http://realtytimes.com/rtmcrloc/Nevada~Las_Vegas

This one is interesting:

"For those of you looking to buy a home in Vegas, hurry before the prices start going up again!"

 
At 6:30 PM, Anonymous Hee Hate Me said...

19,678 homes are on the market for sale?
How days of sales is that for LV?

 
At 7:53 PM, Anonymous dryfly said...

Anyone have links to those numbers?

19,678 for LV and 4740 for LA? I'm just a little suspicious...

First of all is it only the city of LA, LA county or Greater LA...

Maybe a better measure would be X number of homes per 1000... or a percentage... for each loaction...

I just see a lot of numbers thrown about and am always challenging them...

 
At 8:40 PM, Blogger deb said...

This comment has been removed by a blog administrator.

 
At 8:46 PM, Blogger deb said...

Inventory in the San Fernando Valley, outside LA, separate board of realtors, stands at 1,903. This is extremely low. Population is 1,713,086. This number is from 2000 Census and probably higher now.

Vegas has a population of 1,700,000 (2003) with 19,678 homes for sale. This is for metropolitan Vegas. I don't know if this corrisponds exactly to the area for the number of listings.

That makes one home on the market for every 86 people in Vegas, and one home on the market for every 900 people in the San Fernando Valley. The populations are about the same, but 10 time the homes listed in Las Vegas.

When I started out to crunch these numbers, I never imagined the difference to be so huge.

 
At 8:56 PM, Blogger deb said...

Ooops, forgot to include condos in the San Fernando Valley totals. There is a total of 2408 properties (1903 SFR + 505 condos) on the market. That makes about 700 listings per person.

 
At 9:03 PM, Anonymous Anonymous said...

The number for Los Angeles is for the city of LA and does not include Beverly Hills, Santa Monica, West Hollywood or Inglewood. It comes from Realtor.com

Check it yourself by typing in "Los Angeles in the search engine.

The # for Las Vegas came from the original link from the first post.

Cashking

 
At 11:12 AM, Anonymous lee said...

Deb said: That's about 700 listings per person.

Wow. I knew folks were buying multiple properties but that's unbelievable....

 
At 11:29 AM, Anonymous Anonymous said...

Calm down guys....

"As of 4/13/05, there are 9,070 single family homes on the market in Las Vegas."

 
At 11:30 AM, Blogger deb said...

Sorry, you must think I'm nuts. That would be 700 people in the SFV valley for every one house on the market, as opposed to 86 people in Vegas for every one home on the market. If you figure 3 people per household, the means about one listing for every 30 households in Vegas.

Remeber, new homes for sale will not show up on a site like Realtor.com because they are not listed with an broker, so there is actually a lot more for sale. Wow.

This is to give some perspective on the volume of listings in Vegas compared to another area.

In the SFV at the depths of the last decline in '94 or so, we had at the most maybe 15,000 listings on the market. I can't even fathom who will buy all these homes in Las Vegas. And they're still building!

 
At 8:22 PM, Anonymous Anonymous said...

9000 is no big deal for Vegas , this is down from 14,000 in November when the flippers left.

6000 people per month are moving here,best employment #'s in the country , many coming with CASH to buy their retirement homes.

Average price just over 300K. 600-700K buys a McMansion in the hills.

I am still cleaning up after the sloppy flippers , bailing them out of their stupid panic, with an easy 50K -100K in equity.

Those that went to Phoenix,now they maybe in trouble.

I had NO problem selling 4 properties above the most recent comps last month. Its all about location and quality. Alot of that inventory is JUNK that stupid out of state flippers bought blind, they will still profit if they can hold on.

 

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