Here is the state of the condo market as of 8/31/2009.

 

>>The Average SOLD price of a condo is increasing – more than 13% in the last 4 months.  It bottomed in May.

>>810 Condos sold last month with 75% of those sale being CASH.  When looking at the stats for condo sales under $75K, 87% of them are CASH.

>>All condos listed are selling at 103.9% of list price if sold in the first 30 days.  When looking at condos below $75K only, they are selling at 106% of their list price. 

Here are my takeaways.  Cash is nothing special as 9 in 10 buyers under 75K are using the same.  List or lower offers will NEVER WIN unless the property has been on the market for more than 30 days.  These numbers are for all areas – desirable and less than.  Desirable areas will require more aggressive bidding prices than the average. The past 4 months have produced 2 of the 4 highest number of recorded sales in Las Vegas history.  Have you missed the bottom?