Vegas Real Estate Hottest in Years

Email-Signature_LVREIBy: Denise Savello

Las Vegas Informer

The Las Vegas housing market is currently experiencing a shortage in its housing supply making this once overcrowded with vacant inventory market into a market where many properties are receiving multiple offers and staying on the market only a few short days. This is a sellers market again.

The median price for a single-family home in Las Vegas has increased 32.8 percent from one year ago according to the Greater Las Vegas Association of Realtor statistics. Prices are being driven by a shortage of inventory. Where a healthy housing market has enough inventory to supply a six-month demand and right now, in Las Vegas, we have only enough inventory for the next five weeks.

Part of the reason for the inventory shortage is many hedge funds and investors are buying up properties in bulk sales buying 30+ homes at a time.

Since 2007 home prices have been low and in 2010 and 2011 it appears the housing market hit it’s lowest point and prices have been rising ever since. Sellers are embracing the market now by selling their homes and have been able to my are receiving multiple offers.

Builders have also started building again and developers are starting new projects in multiple areas of the valley and have already proven the projects to be successful by showing new home prices in some developments going up $5,000 a month.

 

0.00 avg. rating (0% score) - 0 votes

Leave a Reply

Your email address will not be published. Required fields are marked *

Join The Informer Mailing List

Check your email and confirm the subscription