The Las Vegas Real Estate Market

WHY BUY REAL ESTATE IN LAS VEGAS?

As you may well know, Las Vegas & Henderson, NV are currently one of the hottest markets in the nation. Although the Real Estate market has slowed down, most economists agree that our market is unique and will not feel the weakness as much as other markets in CA, FL, & AZ. Why? We lead the nation in job growth and we have an average of 6,000 new residents moving here on a monthly basis. Most local economists and experts here have a consensus that 2007 will be slow and they are expecting appreciation again next year. Although the existing homes are slow, we are still moving between 2k and 3k per month out of the 20k in inventory, and another 3k/mo. in new home sales.

According to most economic reports about Las Vegas, we seemed to have bucked the national trend of housing price declines, and it looks as if we are poised for more price appreciation in the future. Here are the main reasons why:

1) Limited Land: Although it appears that there is endless desert in site that we can continue to build on, the fact is that we only have a 7-10 year supply of land left. The scarcity of land has caused our price appreciation and since we have factors such as the Bureau of Land Management only has one third of its 75,000 acres left.

2) Job Market: The key to a healthy housing market is a healthy job market, which we certainly have here in Clark County. We are consistently one of the leading markets in the nation with job growth and that will continue. On the Las Vegas Strip alone, there is over $20 Billion in new projects planned and over 40,000 more hotel rooms. This all equates to more and more employment.

3) Affordablity: Although we have seen our housing prices almost double with the median price of an existing home being $285,000, we are still over half of the average price of most major cities in CA.

4) Population: According to population estimates made by Clark County Comprehensive Planning, the population in Clark County grew to 1,912,654 in 2006. This reflects population growth of 5.3 percent over the 2005 estimate of 1,815,705. In 2007 we expect population to grow by 4.8 percent and another 4.6 percent in 2008. That will bring Clark County’s population to 2,004,000 in 2007 and 2,096,000 in 2008.

5) Visitor Volume: Visitor volume is estimated to grow by 2.4 percent in 2006 to 39,506,185 -- an increase of 939,468 visitors over the 2005 total. In 2007 we expect visitor volume to increase at a rate of 2.3 percent to 40,430,000 visitors. In 2008 we expect growth to increase slightly to 2.5 percent. That additional growth will bring visitor volume to 41,430,000.

Interested? Call me at 702-277-4605 or fill out my interest form.