Real estate in Las Vegas is still on a winning streak, say local Realtors.

"The current housing market in Las Vegas saw a dramatic price increase last year," says Realtor Scott Kreitzer . "It's partially due to the new home builders' lack of inventory, causing buyers to flock to the resale market and driving prices up. This year, we have a large quantity of homes on the market that were purchased last year, presumably for sale by investors who are looking to cash in on their investment. Prices are continuing to rise due to the constant influx of people relocating from other parts of the country, about 7000 new residents per month, as well as from the lack of available raw land to build new homes on. Land prices are approaching $1,000,000 per acre in the fast growing areas of town, such as the southwest part of the valley."

Says Realtor Marcella Quezada , "The Manhattanization of Las Vegas -- what is driving all this madness? First, land prices and the lack of availability of vacant land to be developed have caused prices on the strip and around Las Vegas to just skyrocket. It no longer makes sense to price a parcel on the strip by the acre or the square foot. Instead, utilizing the parcel to its maximum potential by building up and offering a high volume of units makes financial sense. The demand is strong in a market where baby boomers have money, interest rates are reasonable,and the second home or vacation home market is only starting to reach its peak nationally."

Quezada continues, "Also driving sales, is the concept of coming to town on the spur of the moment knowing there's a first-rate place to stay, fully furnished down to the linens, with world class facilities and then leave knowing the property can be leased out by an on-site management company. It's becoming very appealing and the sales back it up."

"The Mortgage Bankers Association raised its outlook for home sales through 2007 on Tuesday, although the trade group still sees a slowing in the real estate market in 2006 and 2007," says Realtor David Cooper . "'Housing will continue to be a major contributor to economic growth,'" said a statement from Doug Duncan, the group's chief economist. "We expect the string of record-high home sales to continue for a fifth consecutive year. The group's forecast said that it now expects existing home sales to be up 2 percent this year, then fall 3 percent in 2006 and decline another 2 percent in 2007. New home sales also are expected to post a 2 percent gain in 2005, then decline by 4 percent in 2006 and about another 3 percent in 2007. The new forecast projects a stronger employment outlook and a more modest rise in mortgage rates than originally projected, both of which can support continued strength in the housing market."