I like to follow what is happening in the real estate market in Las Vegas to see what may be coming our way.
No city has been hit harder than North Las Vegas, which has been ground zero for many foreclosures in the valley. ZIP code 89030, which includes downtown and the older part of the city, saw prices fall 42 percent to $115,500 in the past year. That was followed by 89086, which includes the northeast part of the city, where prices fell 40 percent to $213,328.
In all, six of seven of North Las Vegas’ ZIP codes fell 20 percent or more. The part of the city affected the least was 89084, where prices fell 16 percent to $242,245.
Overall, prices in Southern Nevada, when factoring in Laughlin and Mesquite, fell 20.4 percent in the past year.
Henderson homes lost the least amount of value, even though 89052 (Anthem) and 89002 (southeast Henderson) saw prices drop 25.6 percent. Four of eight Henderson ZIP codes reported price drops of less than 10 percent. The smallest was 89012, where prices fell 8.2 percent.
In Las Vegas, nine of 42 ZIP codes reported price drops of 30 percent or more. Among them: 89104, down 33 percent; 89107, down 33 percent; 89108, down 31 percent; 89115, down 34 percent; 89124, down 60 percent; 89138, down 31 percent; 89142, down 32 percent; 89156, down 34 percent; 89169, down 31 percent.
Boulder City prices fell nearly 15 percent to $272,500.
Only two Las Vegas ZIP codes reported increases because sales of new condos bolstered the numbers. ZIP code 89013 prices increased 112 percent to $519,750, while 89109 prices increased 1 percent to $650,700.
The real estate boom hit Las Vegas a year or more before it hit Arizona although we may now be in sync on the down swing.