Less than 10 years ago, foreclosures and ghost developments were commonplace in the Las Vegas housing market. Home values have improved drastically since then, but a new report shows the valley still has some catching up to do.
North Las Vegas, the 89031 zip code had more foreclosures than most of the nation back in 2011. But things have since changed with developments under construction and in demand.
Realtor Raluca Petre would love if interested parties bought the latest home she’s showing.
“It’s a great community here,” Petre said. “It’s 2-story, 4-bedroom, 2300 square footage.”
Petre’s home went on the market five days ago. On Thursday, she held an open house.
“Here it is, we have the backyard,” said Petre.
Nearly a decade ago, a North Las Vegas home would’ve been surrounded by foreclosures and underwater mortgages.
“Right now, it’s a seller’s market,” Petre said. “We have fewer homes on the market and lots of buyers looking for homes.”
A new report from Zillow says the United States housing market has recovered all value that was lost in the recession.
But when it comes to Las Vegas, the online company says the valley is still below pre-recession levels. Numbers from local sources also backs up Zillow’s report.
One chart shows median home values at their highest in 2006, their lowest four years later, and now median homes are about $130,000 shy of the peak.
“Tempered enthusiasm,” said David Tina, realtor.
David Tina is the former president of the Greater Las Vegas Association of Realtors, and he’s unsurprisingly bullish about the local real estate market.
“All the indicators are we’re going to see the same high growth in appreciation,” Tina said.
Instead of being a sign of falling short, Tina says it’s proof the valley is still a worthwhile, relative bargain.
“What they’re not saying is that we’re selling more homes than we have in the last five years,” Tina said. “Te homes are there; our supply is rising. Our demand is just going up quicker.”