Las Vegas Real Estate - The Boom Continues
Las Vegas Homes for Sale Set RecordLas Vegas real estate is still booming. Sales of Las Vegas homes for sale are certainly not slacking off. In fact, a record number of new homes were sold in 2004. According to Home Builders Research, more than 4,000 new homes were sold than in 2003, resulting in almost a 16% rise from the previous years in home sales. This is a considerable number of homes, but not as high as the amount of new home permits that were sold. The issuances of new home permits in Las Vegas increased more than 30%. These are huge numbers over such a short period of time, which is causing the spotlight to be shown at this particular market and phenomenon.
In December of 2004, Home Builders Research reported the median home price was approximately $290,000. While the research firm said many were hoping the median price would not surpass $300,000, it appeared this might happen as early as the second quarter of 2005.
At the end of 2004, there were more than 11,000 homes for sale. And while the resale price of homes increased almost 40% since 2003, the research firm did not believe prices would rise much higher than the current $250,000 because of the large number of homes available.
Variety of Factors Affecting Las Vegas Real Estate MarketEconomic factors are playing a role in the housing growth in Las Vegas. Basically Las Vegas homes for sale are responding to the continued employment and population growth of the area. Where there is a large demand, such as housing in Las Vegas, supply will certainly be affected and result in rising prices, availability issues, and the like. As long as there is a large demand for housing in Las Vegas, home builders will continue to increase supply. The mix of supply and demand in the housing market in Las Vegas is certainly creating a favorable economic situation.