Las Vegas Market Statistics 2007

This is the median sales price of home sold in the second half of 2007 compared to the second half of 2006.

Market Statistics for 2007 by Zip Code

The above chart shows the median home price by zipcode in 2007 compared to 2006. Some of the zip codes have had their boundaries changed with of course, affected the numbers. It is a general guide and if you have further questions, please feel free to contact me at 702-493-8033.

Las Vegas home sales 2007

home sales
This is an overall snapshot of housing market sales of both new and resale homes in 2007. According to the RJ, a total of 43,255 homes were sold last year. At the end of the year, the median new home price dropped 20.1% to $273,359 from December of 2006, according to SalesTraq. Existing home median prices fell as well to $253,000 a 11.2% drop.  The graph represents all single family homes sold in the Las Vegas valley in 2007. Other markets were affected as well, including condos and high rises.

Las Vegas Home Inventory 2007

This graph provided by the Greater Association of Las Vegas REALTORS, shows a comparison between 2006 and 2007 towards the end of the year. Inventory dipped at the end of 2006 and slowing built back up in 2007. Probably the biggest contributor to the increase in the number of homes for sale was the increase in foreclosures. There were a large number of foreclosures in 2007 as well as short sales hitting the market. This trend continued into 2008.

housing supply

If you are thinking about investing in the Las Vegas market and have further questions, feel free to contact me at 702-493-8033 or by email at info@lvrealty.net.

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