Las Vegas is an interesting market. Prices indicate a buyers market, Buyer are purchasing lots of properties below replacement, value which generate a high and fast return on investment; on the other hand, the low inventory (about 3 months inventory left at current selling numbers) make this a seller’s market, with cash buyers outbidding each others for the REO properties.
Prices have remained stable for the last two months and there has been some increment in the lower priced segment, on the luxury segment prices keep falling at a lower rate, we do not know where the bottom would be.
As long as there is inventory being held by the banks the bottom is still to be reached.
To participate in this market you need to be a cash buyer. Banks usually take their offers over those who are applying for a loan, for our first time home buyers we are mostly counting on some investors who are selling their cash buys, sometimes carrying the notes, which results in a very high gain but over an extended period of time.