A booming real estate market in Las Vegas in both the commercial and residential sectors shows no signs of slowing, and with 6,000 new residents each month -- the sky is the limit.
"While the market continues to be strong, prices are stabilizing a bit from the frenzy of the past couple of years. The inventory is moving more slowly, allowing buyers an opportunity to see several homes and make a more informed decision. High rise condos and apartment hotels are all the rage, but you've got to have big bucks to put up while construction is taking place," notes Realtor Ronni Land . "With the shortage of buildable available land, Las Vegas is finally becoming "vertical." Substantial deposits are required and if you are serious about buying, financial documentation is essential as builders and sellers want to make sure the transaction will close successfully."
She adds, "2004 recorded the highest increase in values in real estate history." Now is the time to invest!
Realtors Pete and Terry Slater comment, "The current market conditions have remained steady. Even with the threat of interest rates climbing, home values have held. Inventories have stayed above the norm, causing the market to remain constant."
"There are some indicators that give us the impression that by the end of the year home sales may again be on the move. Generating fewer homes on the market will only cause homes values to again increase. When will the bubble burst? Some thought it would burst ten years ago. If you could see what is in store for the Las Vegas Valley in the future and already on the drawing board, you would realize that this area will continue to grow for years to come."
"There are still 9,600 single family homes on the market, with the average resale price topping $300,000. However, consider this -- over 52 percent of the homes on the market are priced between $300,000 and $500,000," say Realtors Vicki and Bruce Simons . "Only 18 percent of the homes on the market are below $300,000! The average days on market for single family homes is 48, however, we personally are starting to see homes sell faster when they are priced right."
They continue, "Over 6,000 people choose to live in the Las Vegas Valley each month. 32 percent come from California, while over 18 percent come from the Northeast." Add this to the increasing numbers of baby boomers and retirees, private colleges and institutes, and the sky truly is the limit.
