Las Vegas has seen amazing economic growth in this decade. It has invited huge development projects and investments. Many of the economic factors contributing to the index have seen positive increases while others are flat or slightly lower.
"Still, the six-month forecast remains flat, (with) no clear sign of an overall recession in the data, despite the veil of pessimism coming from the media," economist Keith Schwer said.
It's amazing the economy has remained as resilient as it is in light of the recent softening of the real estate market in the valley. If the Las Vegas continues strong and the large projects are completed, there will be considerable growth in many industries as real estate recouperates.
Many experts and analysts who know the valley suggest commercial projects will taper off some. Las Vegas commercial real estate has been hot because previous residential growth outran the important commercial infrastructure.
Las Vegas real estate agents are anxious to see what happens over the next year or so. Some believe another small boom will occur due to housing needed to support the jobs to be filled by some of these large-scale development projects. Some estimate jobs requiring 60,000-100,000 residents will need to be filled. 60,000 is more people than there are existing residences including rentals and listed homes. Some expect even more positions through 2009 which will shorten supply further and increase demand. The next year should be flat in southern Nevada economy and housing. However, subsequent years could see considerable growth.
Summary: The number of listings slowed due to seasonal factors. The average days on market have remained consistent. The median prices have dropped considerably. The number of home sales is slightly up from previous months.
Las Vegas Listings: (view chart)
Listings in January were similar to previous months. The curve matches other years.
Las Vegas Market Strength: (view chart)
Compared to other national averages and normal sales the Las Vegas market remains steady. Prices have dropped but the average days on market for homes competitively priced remains good, and has dropped some. The key to selling today is pricing a home correctly. There is considerable competition with homes in foreclosure proceedings. Once that inventory has diminished the reflection in low prices will level out some.
Las Vegas Resale Homes Sold: (view chart)
The number of homes sold has increased over previous months. The holiday season affected both buying and selling activity.
Las Vegas Median Prices: (view chart)
Median prices dropped considerably. They're priced at around $235k.
Las Vegas Real Estate Market Watch Conclusion: (view chart)
The holidays have affected the number of home for sale. Sellers are involved in other activities so listing numbers drop off. Buyers who are motivated are making purchases and will reap the benefits. The national average for days on market is around 90 in a healthy market. Las Vegas homes, which usually sell in less time, that are priced correctly are selling on average for just under that amount still. While the market is in correction, gains from years ago are still considerable.
Full Las Vegas real estate statistical market report found: http://www.hildrethhome.com/lasvegasrealestatemarketwatch/
Contact Las Vegas real estate agents to learn more about the market and buying or selling your home.
The Las Vegas Review Journal, a major news paper in Southern Nevada, is asking for voters as it begins the year with its "Best of Las Vegas" poll. Las Vegas residents and visitors are able to place votes for favorite restaurants, hotels, shopping, etc. They will then post the results on the site cataloging the business scene preferences.
If you live in Las Vegas or plan to move to the valley or have visited recently make your vote count. Visit http://www.lvrj.com/promotions/bestoflv.html and take a minute to select your favorites.
Around 50% of the 2650 units have sold at the Las Vegas City Center project. The units are high-end homes located right on the strip. The project is huge. It will cost around $7.8 billion when all is said in done in November 2009.
"The demand for this product is there," Dennis said. "What our sales figure show is that the high-end residential market is much more buoyant and resilient than the general residential home market. We're comfortable we'll reach a sell-out mark by opening."The project will require thousands of employees to support it creating many jobs. The residential market will heat up simply because of the demand for workers.
Summary: The number of listings slowed due to seasonal factors. The average days on market have stayed contant. The median prices have dropped slightly.
Las Vegas Listings: (view chart)
As predicted by seasonal changes listings in December dropped by a normal margin. The curve matches other years and is a bit more exaggerated by negative press on housing.
Las Vegas Market Strength: (view chart)
Compared to other national averages and normal sales the Las Vegas market remains steady. Prices have dropped but the average days on market for homes competitively priced remains good, although it has climbed. The key to selling today is pricing a home correctly.
Las Vegas Resale Homes Sold: (view chart)
The number of homes sold has decreased. The holiday season affects both buying and selling activity.
Las Vegas Median Prices: (view chart)
Median prices dropped some. They're holding steady at between $240k - 260k.
Las Vegas Real Estate Market Watch Conclusion: (view chart)
The holidays have affected the number of home for sale. Sellers are involved in other activities so listing numbers drop off. Buyers who are motivated are making purchases and will reap the benefits. The national average for days on market is around 90 in a healthy market. Las Vegas homes, which usually sell in less time, that are priced correctly are selling on average for just under that amount still. While the market is in correction, gains from years ago are still considerable.
Full Las Vegas real estate statistical market report found: http://www.hildrethhome.com/lasvegasrealestatemarketwatch/
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Darren Hildreth, Realtor®, is a full service Las Vegas Real Estate Agent. He markets and sells Las Vegas homes for sale. He represents property buyers in their realty ventures. www.hildrethhome.com
Darren Hildreth, is a Full Service Las Vegas Real Estate Agent. He specializes in representing buyers, sellers, and investors in the purchase, marketing, and sale of Las Vegas real estate. As a Las Vegas real estate agent Darren successfully guides and aids home sellers, home buyers, and investors to reach their property and investment goals in Southern Nevada.
Darren works tightly with the broker of Specialists Real Estate located in Summerlin. He works to establish a group of professionals intent on reaching client real estate goals and ambitions.
Darren has been involved in real estate and business negotiations for years. He has owned investment properties and negotiated other business ventures. He loves the intrinsic value in real property and the science involved in arranging a solid deal. His family has developed land, built homes, and owned rental properties for decades. He realizes his clients will use him over and over again because they are treated with honesty and integrity.
The Las Vegas real estate market has grown tremendously in recent years. It has been considered a "hot spot" for real estate in the United States. It has been one of the leading markets for real estate appreciation throughout the country. In fact, the valley has remains one of the most resilient during times of market slow down and accelerates above normal during times of market plenty.
Many Las Vegas communities have seen positive value increase to the tune of 50-200% over relatively short periods of time. Homeowners and investors alike have made a great deal of money simply by investing in a home. Many owners and investors have seen spectacular returns on their investments in the past 5-10 years. City and airline analysts believe that the next decade will bring a 50% population increase causing property values to appreciate significantly.
Land in Las Vegas continues to climb in value and price and new home builders are challenged to provide housing for investors and homebuyers competing for available home inventory. Home builders show ongoing confidence across the valley. Many of them have already purchased enough land to build for the next several years. Local real estate investment experts see a continuing trend in appreication and growth.
Buy Las Vegas Real Estate
Homeowners and investors find there are many benefits in owning Las Vegas property. The primary benefit most take advantage of is the ongoing appreciation anticipated over the next decade. When real estate heats up nationally, Las Vegas gets really hot. When real estate goes soft Las Vegas housing stays strong. A strong job market, great climate, huge tourist business, and accessibility to everything keeps the market strong. Las Vegas is a great place to buy residential homes and commercial properties.
Sell Las Vegas Real Estate
One of the biggest challenges of selling a Las Vegas home or piece of land is knowing what to do to prepare it for sale so you can get the maximum dollar the market will pay, in the shortest amount of time, and with the least amount of inconvenience. Most sellers share those same goals. Las Vegas home sellers have enjoyed rapid sale times in the past. Even in a slow market Las Vegas homes sell faster than in many other parts of the country. There is a strong demand for Las Vegas housing and seller are often able to make a good deal in equity as they cash out. Las Vegas homes are often listed in the MLS and sellers are able to market their property very effectively. The valley isn't too huge so sellers will get potential buyers from all parts of town.
Las Vegas
There are many reasons to stay put in Las Vegas or invest here. Las Vegas is a happening place to be. World renown shows, clubs, casinos, hotels draw millions of locals and tourists annually. Real estate has appreciated at historic rates. New casino projects are popping up all over, high rise condos/hotels are scheduled by the dozens, jobs are abundant, new home developments continue to build out as demand for property is on the steady rise and tourist flood The Strip. Most people come to Las Vegas looking for something and most find it here. You can find what you are looking for by way of culture and lifestyle.
Come and join us in owning your piece of Las Vegas!
Las Vegas real estate has been a hot topic in recent years and will continue to remain hot for years to come. Get started online for your property search. www.hildrethhome.com is an award winning web site built to provide you with information you need to begin your quest.
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