The Las Vegas market has been unusual of late. Everyone wants to know if now is the time to buy. I don't normally do statistical reports, but I thought this was significant.

As of November 3rd, there are over 22,000 single family homes on the market and 25% of them have accepted offers (either contingent or pending), and out of almost 5500 condos and townhouses on the market, 17% of those also have accepted offers on them. That doesn't include properties where a bank is involved (bank-owned or short sale) that has offers the bank hasn't accepted yet.

OK, what does this all mean? The Las Vegas market has lots of buyers taking advantage of the current prices. I ran statistics on each area here in Las Vegas. We have broken our market down to 6 main parts of town but the theme is clear. Out of 7600 properties that have sold in the last 90 days, the average price is just over $227,000 and on the market less than 60 days, selling at $111 a square foot, and at 99% of list price.

So, the properties are selling are priced realistically, and buyers who think they can come in and lowball properties are finding that there is a lot of competition for the great properties and they must offer list or just below list price to be taken seriously. Even over the last 6 months, these statistics have held fairly steady. One more thing, although the Las Vegas market was dropping like a stone for awhile, on average of 3% a month, that seems to have slowed some to about 1% a month. Where do I get that? Well, I'm not an expert statician, but a 6 month average showed properties selling for $117 a sq ft, and now at $111 a sq ft, that's a 5% drop in 6 months, or just less than 1% a month.

OK, so what's the point? The point is, this is a great market to get a great deal. These deals won't last forever. Now is the time to take advantage of the great Las Vegas real estate market.