Bill Loucks
Realty Executives
702-286-3608

Are we in a sellers or buyers market?
Where are price trends going right now?

Beginning in October of last year, our real estate market started an unprecedented spike in prices. We watched with excitement as our own Green Valley home appreciated $10,000 per month. The list of available homes to show buyers was shrinking by the month. As we put new listings on the market, it became standard to increase the price $15,000-20,000 over the last comparable sale.

Investors were pouring into our market. Anything priced under $250,000 was being swallowed up by investors. After several months, the number of available houses to rent swelled and rent prices started to drop.

New home builders were raising prices with each new phase release, and still had buyers pouring onto waiting lists.

The end of the party came in late April and May after the median price rose by 52%. Interest rates rose and buyers became more price conscious, and at the same time many sellers decided to cash in on their new found wealth.

Inventory levels of homes for sale began to rise dramatically. According to industry experts, the number of homes listed over the last several months is over 400% higher than previous years. Homes we listed in the spring which had only 5-10 other listings as competition, now have over 50 competitors. The buyers are in charge, and offers are coming in under asking price.


Almost overnight, the strongest “Sellers Market” the Las Vegas Valley has ever witnessed came to a halt.


Our opinion is this: As in other markets (stock, bond, commodity, etc.), when over-exuberance occurs, markets correct. Our real estate market is due for a correction and it has already begun. Daily our e-mail is flooded with price reduction notices. Price reductions of $20,000-30,000 are becoming common. Prices may continue to drop further before stabilizing.

Until the high inventory level of homes for sale is absorbed, prices will remain soft. Only then will we return to the 8-17% annual rise in prices we witnessed before the spike occurred.

As long as the Vegas Valley continues to enjoy the population growth witnessed over the past decade, real estate should be a great long term investment.

Is it a good time to sell? Yes. If you are looking to upsize or downsize, then you can take advantage of the strong buyers market we have. If you are considering leaving the area, you may have missed the recent top, however you can still sell now with more equity than in years past.

Representation in your sale or purchase is more important than ever.

Marketing your home by an agent who specializes in listings is more important than ever and can equate to thousands of dollars more in your pocket. The discount brokerages who do not invest in marketing their listings will once again fade away. Agents who primarily work with buyers do not have the systems in place to properly market a property and sell it for top dollar. A strong negotiator to help with your purchase can save you thousands. Selecting the right agent is the key!

The team of Bill & Stacy Loucks is ranked in the top 2% of agents in Southern Nevada. We specialize in listing and selling homes and our track record proves it. Our listings sell for 99% of asking price and are on the market for less than 30 days. For more information and a complimentary report on the trends in your neighborhood, call us at 702-286-3608 or 702-278-2100 today!