I am very fortunate to have colleagues like Tim Kuptz. Nobody knows the Vegas real estate market better than him, period. Every week, he looks at the actual market data and compiles it into a “snapshot” of current market conditions. Strangely enough, I first encountered his work several years ago while trying to get some facts and figures together for my personal site; I got the figures I needed and forgot all about his ongoing research until recently, when I began to seriously pursue my new career in real estate. Needless to say, I am delighted to have access to his experience and expertise on a regular basis.

But you want to know about that “good news”, don’t you? His current data suggests that:

While we are not at the bottom of the market in terms of price, we just may be at the bottom of the market in terms of sold transactions. This is the first step in turning the greater Las Vegas market around. Prices will continue flounder for another 6 to 8 months while resale transactions stabilize and even increase right after the first of the year.

Needless to say, I hope he’s right about that. Keeping in mind that he is specifically talking about the local housing market, the Vegas market peaked before several other hot markets, so it would be logical for it to recover a little early as well.