Las Vegas Real Estate Median Price Report April 2009

Values Defy Expectations of Stabilization. While Las Vegas real estate inventory continues to evaporate at an increasing rate, prices are are still falling.  Are we near the bottom?  Tough to tell.  Monthly decline across the Las Vegas MLS was 6.2 percent.  Smaller declines were in homes where the Average Joe lives.  This fact might suggest the lower end of the market is ready for stabilization while the higher end still has more room to decline.  Marketwide, agents are talking of multiple offers on virtually every decent home under $200K.  This typically leads to above list offers and closing prices.  Will we see prices tick up in the coming month?  Will the appraisers allow this to happen may be the bigger question. 

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