Las Vegas Homes Called "Undervalued"

Here’s a nice study, which declares Las Vegas prices as nearly 19% below long-term market fundamentals.

Interesting, their metrics show Phoenix and Los Angeles to still be overvalued:

 

Other regional markets and their valuation in the third quarter:
St. George, Utah: At $223,700, 39.7 percent overvalued
Salt Lake City: At $260,700, 18.8 percent overvalued
Phoenix: At $197,500, 3.9 percent overvalued
Los Angeles: At $384,400, 1.6 percent overvalued
San Francisco: At $666,100, 15.6 percent undervalued
Stockton, Calif.: At $161,000, 27.7 percent undervalued
San Diego: At $337,000, 19.1 percent undervalued

LV Home Sales Soar

This LVRJ article is not really news, since we reported it a week ago, but it’s a nice confirmation. Buried in the article is the nice news that preforclosure filings in Clark County have fallen about 10% month over month, from 6429 to 5830:

The nation’s foreclosure hemorrhage has finally slowed. Foreclosures.com reported a slight drop in November foreclosures to 84,291 compared with 84,534 in the previous month. Clark County had 2,974 foreclosures, up from 2,653 in October. However, preforeclosure filings dropped to 5,830 from 6,429.

High-Rise Sales Increase

An article by Brian Wargo in In Business Las Vegas reports “Restrepo…reported that sales of high-rise units jumped 37 percent [in Q3, vs 2007]“.  Days on Market is also down from 111 days to 102 days, over last year.

 

The article isn’t available for free online, but subscriptions to IBLV are available at http://www.inbusinesslasvegas.com/