The number of available homes for sale in Las Vegas thinned in February as a growing number of entry-level buyers and investors are capitalizing on bargain home prices in the area.
According to a recent report from Keller Williams Realty, the Las Vegas housing inventory fell 43 percent in February on an annual basis, bringing the total number of units, including single-family homes, townhouses and condos, to 7,873 properties. This is a decline of roughly 1,700 units from the previous month and an estimated 14,000 from a year earlier.
"By the middle of the year, we could be below 5,000," said analysts from Keller Williams Realty. "That may be lower than any time during the crazy months of 2004, 2005 and 2006."
Home prices in Las Vegas are now nearly 30 percent lower than they were at the housing market's peak. While this could be a negative indicator for current homeowners, for prospective buyers who found themselves previously priced out of the local housing market, they are capitalizing on the new found affordability. Buying a home for sale in Las Vegas while prices are low could be a profitable investment should the housing market turn around.
