Signs of Market Slowing Down
Real estate prices are finally showing signs of slowing down. According to Lee Barrett, president of the Greater Las Vegas Association of Realtors, things have indeed slowed down, but the market is still healthy. In July, 79 percent of all listings sold within 30 days, according association statistics.
From a exceptional market it is now becoming a more normal real estate market according to Barrett. Some months people were putting in offers of prices much higher than the asking prices even before seeing the properties, just so they get a chance to buy a home. Today the market is more stable with much more supply of homes. Investors and even permanent residents have flooded the market with new listings.
There is now a five-month supply of homes on the market, verses a slim 1.7-month supply during the second quarter, Barnett explained. And the total number of properties on the market is nearly twice what it was in January, according to the Greater Las Vegas Association of Realtors.
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