Las Vegas Home Prices Near 2004 Pricing

Las Vegas Home prices are dropping to levels we haven't seen since 2004! What is causing prices to drop 40% to 50% in some areas? Las Vegas Short Sales and Foreclosures are the culprits! Banks and Lenders have way too many homes on their books, so they are slashing Las Vegas Home prices to get these homes sold as quickly as possible.

What this means is great deals for buyers! Buyers who just a couple of years were priced out of the market can now purchase homes in the high 180s! Prices should begin to level out as inventory drops, but there is not an indication yet when inventory will begin to drop. It could be as early as spring of 2009 when Project City Center, along with other Las Vegas Strip Projects open and begin to contribute new jobs to the local economy. These Las Vegas Strip Projects are expected to create over 113,000 jobs over the next 5 years starting in 2009. These jobs will be filled by those relocating to Las Vegas and they will need housing! Local experts predict that the Las Vegas Housing Inventory will be absorbed and we could see a repeat of 2004 with prices starting to rise!

So if you are going to buy, the time to buy is now!!!