Could the Recovery of the Las Vegas Housing Market be happening?

 

In my opinion, absolutely! I know there are the anonymous haters out there  who really don’t get Las Vegas, but its a fact and I will prove it here!  Here are some interesting facts that will give you a starting point to where I am going- it costs less to own than to rent, you cannot build homes for what they are selling them for, cash sales buyers make up 45% of total transactions,  the inventory of resale homes is rapidly shrinking which means demand is very high.   2009 sales of single family and condominiums were second only to 2004 in all time sales numbers.  So it is very affordable to buy and own a home in Las Vegas especially for our friends in California!  Prices on all types of housing are down as much as 70% from their highs!  This includes  Luxury and Country Club Homes, Luxury High-Rises and traditional single family homes and condominiums!  

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These graphs from the OFHEO  illustrate that Las Vegas prices are the lowest of major Southwest US cities and that Nevada has the lowest housing prices in the Western Region.  Please note that in both charts prices indicated are below the projected inflation line.  DSnews.com reports that Las Vegas is: “poised for a comeback” and buyers now can “look forward to long-term appreciation.”  The Wall Street Journal reported that: “Las Vegas is Second in the Nation for Diminishing Supply” and most recently the Las Vegas Review Journal reported “Las Vegas home sales up 36.9%“!  

So, to sum it up,  Las Vegas has the lowest housing prices in the region and demand is near all-time highs!  Prices have stabilized and projected  to rise up to 4% in 2010.  

click to enlarge

 

The biggest drivers for growth in the housing market and the local economy are the  low tax environment, retirement of the Baby Boomer Generation and Californians seeking lower costs of living and low tax environment  for themselves and their businesses.  Nevada also has huge wind, solar and  geothermal industries which are in their infancy.  The development of these energy resources and the delivery and distribution mechanisms will produce large amounts of jobs and added economic vitality!  So let me know what you think!  Feel free to leave a comment or question,  I will be happy to respond!

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10 Responses

  1. Let me start by saying excellent blog. Im not sure if it has been addressed, but when using Firefox I can never get the whole blog to load without refreshing several times. Maybe just my computer. Appreciate your work

  2. Hello, I hope that you don’t mind me asking but is this site using wordpress and if so is it a standard theme or one you designed yourself? I like wordpress but don’t like the way that most sites look like, well – wordpress! I’d love to have a site that looks like yours! Can you reveal your secret? Thanks, S x

    • Hello S It is a standard theme Digg 3 column. I played around with the colors and the widgets and took the banner picture myself. Im glad you like it!! Check back for new posts!

  3. Well that is some nice post.

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