Las Vegas Homes and Real Estate
Las Vegas offers many types of homes to choose from. In order to help you find homes for sale in Las Vegas, Realty ONE Group has equipped this Las Vegas real estate website with an easy to use Las Vegas homes MLS Search.
Las Vegas in the first quarter of 2004 saw a staggering 30% increase in sale prices. Most homes in the last quarter of 2004 were still seeing around 19% appreciation which is far above the nation average for most homes being sold within the US.
In 2005 Las Vegas homes continued to experience brisk sells and set records for property appreciation.
While Las Vegas homes appreciation in value was expected to slow in 2006 due to increasing mortgage rates, a decline in housing inventories that did help stabilize prices of existing homes.
Economist have stated from January 2001 to the year 2008 homes in Las Vegas should see an increase in sale price of around 200 percent. Even with the housing slump created by the sub-prime lending practices by many national mortgage companies the economists were not far off the mark. Although prices of homes in Las Vegas saw a price decrease in 2007, inventory drops will likely assist in stabilizing home prices in 2008. All indications are that housing prices have now bottomed out and bargains are now being realized by eager home buyers.
Las Vegas is by far still one of the hottest real estate markets in the country. While overall home sales were down in 2007 the Las Vegas luxury homes market saw an estimated 30% increase.
Even with the raise in Las Vegas condos units due to several projects either under construction or in pre-construction sales, the pressure is still on single family homes production with the estimated 7,000 – 8,000 new Las Vegas Valley residents pouring in monthly.
For the past decade, U.S. house price appreciation has, for the most part, been higher in the states and metro areas border or on the Atlantic and Pacific Coasts. With average annual gains above 17 percent, of the top 20 hottest markets in the latest OFHEO survey only two were located inland, and both of those were Las Vegas and Reno Nevada.
NAR Says Las Vegas Homes Set Records
NAR chief economist David Lereah said the Las Vegas metropolitan area had barely a 1.7 month supply of homes on the market during the second quarter, compared with an average 4.2 month supply for the nation as a whole. A serious shortage of inventory appears to have led to Las Vegas homes record-setting price jumps.
The National Association of Realtors, found annual quarter-to-quarter gains in some markets hitting unprecedented levels in a survey, released September 2004 by the economics department. Las Vegas was at the Top of the list with a median resale price of $269,900 during the second quarter of 2004. That is a astounding 52.4 percent higher than the median price of $177,100 for a Las Vegas home during the same quarter of 2003. The 52.4 percent increase is the largest annual gain ever recorded by the NAR survey, which began in 1982.
Las Vegas Second Home Market
Vice president of marketing for Centex Destination Properties in Las Vegas Gary Gosztonyi, said Southern California and Las Vegas are going to be hot second-home markets for the next 10 years.
Las Vegas Homes Investment Summary
In a city know for playing the odds, investing in Las Vegas homes appears to be a safe bet. And yes, you can probably make book on it!
Let The Laura Arcuri Group preview Las Vegas homes and condos with you that match your criteria and budget.
