Saturday, December 27, 2008

One Investor Says Las Vegas Home Prices May Have Hit Bottom

Steve Bottfeld, a real estate analyst with Marketing Solutions has a 3 point theory of how to gauge the bottom of a real estate market. First, he looks at the inventory of homes listed on the local Multiple Listing Service (MLS). Second, he evaluates the volume of business which is simply the number of homes being sold in the marketplace. Lastly, he considers the average median price of homes. Bottfeld states that once the inventory stops increasing, the volume begins trending upward and the median price stabilizes… you have found the true bottom of the market. Concludes Las Vegas real estate investor Glenn Plantone: "From the data we are now considering for the Las Vegas valley, it appears that the elusive bottom may be right around the corner if not already here." He says the current median price of homes in Las Vegas is near $184,000, and "1in 76 homes is currently in some stage of foreclosure." What can you get for that price? 3 BR home shown above, currently on Las Vegas MLS, built in 2003, is listed at $179,999.

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