It's a good and bad news scenario. House prices are up 27 percent in the past year but getting into the real estate market is easier said than done.
"It's getting tough to get the right house at the right price," said Dave Tina, president of the Greater Las Vegas Association of Realtors (GLVAR).
While prices are up, sales have decreased because of limited inventory, according to Tina.
"When a house that's priced right comes on the market, usually within the first five days, there will be 15 offers. Most of those offers are coming from investors who are offering cash," he said.
Multiple Listings Service shows there are fewer than 3,400 homes that are up for sale in the valley. Another 10,000 are in either pending or contingent status, awaiting bank approval for a sale.
Broker Tamara Tyrbouslu with Universal Realty doesn't expect inventory to improve until the Legislature tweaks the so-called robo-signing law that took effect in 2011. That slowed down the number of houses that should have been put on the market.
"Those homes have not been foreclosed on and put back on the market place and so that's why we've seen this pent up and not enough inventory," she said.
Tyrbouslu predicts that even if the Legislature amends the law, it will take a while for inventory to build up to normal levels.
As for house price increases for 2013, Tina predicts much slower growth than the 27 percent we saw in the past year. He expects home prices will increase about 5 percent.
Copyright 2013 KVVU (KVVU Broadcasting Corporation). All rights reserved.
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