Current market stats in the Las Vegas real estate market
Here’s what’s up: SALES VOLUME! Las Vegas Nevada is going on four consecutive years of increases in home sales. There is a DEMAND for housing in Las Vegas today. BUYERS are BUYING approximately 50,000 homes per year in Las Vegas Nevada regardless of the woes of the current economy.
Now, what’s down?: PRICES: We are going on five consecutive years of declining prices. So, why are prices still falling if DEMAND is so high? The answer is SUPPLY. Prices cannot increase as long as SUPPLY is equal to or greater than DEMAND. And the SUPPLY of Foreclosures, Short Sales, and Auction Sales will likely keep pace with DEMAND for another year or two; so don’t look for a rebound in home prices anytime soon. But hang in there. . . because the housing market in Las Vegas today is undervalued and overcorrected; and if you want to look like a genius five years from now, buy all the Las Vegas Nv. real estate you can today.
In a housing market where foreclosures and short sales are the norm, new construction accounts for less than 10 per cent of all sales. The number of active homebuilders stands at just under 40 today, compared to over 80 in 2007. These remaining builders know that there are some buyers who want ONLY a new home, in a newer area, with the latest amenities and design, and the latest in energy conservation features, so they continue to fill that need. Buyers are often amazed how competitively priced new homes are today, even compared to foreclosure and short sale homes. In June 2011, the average price per sq ft for a new home was just $97.75, and some sold for as little as $55.57. News updates of the current market are researched in depth by many factors, trends and sold stats.