Las Vegas and its master-planned communities and surrounding areas continues to enjoy home appreciation and brisk sales.

And why not? "There's sunshine year round," says Realtor Donna Miller, "and 24-Hour Entertainment, scenic Tours, outdoor activities, water sports at Lake Mead, hiking and cook-outs at Mt. Charleston, snow-skiing at Lee Canyon..."

"The Las Vegas real estate market, as well as surrounding areas, continues to thrive and flourish," says Miller. "The current market trend concerning home sale pricing brings a smile to most home sellers because of the 8 percent to 9 percent appreciation rate being experienced in most locations of this market. Cause-and-effect conditions must address the No. 1 cause for appreciation: Most of the available land mass in the Las Vegas Valley has been purchased. Additionally, the average cost of new home sales is approximately $192,000 (w/some upgrades included in price averaging), encouraging more buyers to shop for a resale home that could fulfill most, if not all, of their 'wish list.' Also, with the current low interest rates, a more expensive home can be purchased with monthly mortgage payments reflective of the lower rates. Thus, the buyers are happy also, because of still affordable pricing, an array of housing choices, and low interest rates."

"It's an exciting, high-growth area," says Realtor Sharon Durdel, "with a desert climate and very reasonable cost of living."

Durdel explains, "The Valley is "home" to more than a million people. Las Vegas is not only a premiere place to visit and play, but it's also a great place to make your home, with thousands of exciting homes for sale. In keeping pace with its growth, the Valley is undergoing tremendous change. As the fastest growing county in the nation, it has emerged as one of the best places to live and work in the United States.

"A new study released by economist Howard J. Wall at the Federal Reserve Bank of St. Louis ranked the Valley as the "most livable metropolitan area". According to Wall's findings, Las Vegas ran away with the title "most livable big city".The Valley will offer you a great place to live and play! The Las Vegas sunny days and balmy nights, scenic wonders, dazzling nightlife, fantastic restaurants and unlimited recreational opportunities, plus the 24-hour excitement, the life-style is simply unbeatable. The Valley has strong economic and employment growth, Southern Nevada is emerging as one of the most dynamic business centers in the Southwest. We also enjoy a favorable tax climate, making it an ideal place for working, operating a business, or retirement. Start a new, exciting life in your Las Vegas home."

"The market will establish a sales record in 2002," says Realtor George Durkin, "primarily because of an enormous gain in existing home sales. Existing home sales are currently 16 percent ahead of last year."

He says, "Despite strong demand, new home closings are off slightly from last year's record pace because of lack of supply. In August, the market had the fewest number of active new home subdivisions in more than three years.

"Median prices for both new homes and existing homes are at near record levels. The new home median price of $184,676 is the second highest in history as is the existing home median price of $149,900.

Durkin advises, "Unless there is an unanticipated severe economic dislocation, we expect sales and prices to be at record levels at the end of this year."

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Published: October 29, 2002

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