Las Vegas, Nevada Housing Sales Still On A Roll
by Blanche Evans
Realtors in Las Vegas, Nevada, report that home sales are stabilizing after last year's record-breaking run, but prices are still rising. "The Las Vegas real estate market is booming," says Realtor Jason Braford. "Appreciation in some housing markets is reaching well over 30 percent! Las Vegas real estate shows no sign of slowing down and continues to be in high demand. More than just neon lights, the Las Vegas valley is a wonderful place to live. Residents enjoy no state income tax, beautiful neighborhoods, low unemployment, great parks and recreation. Las Vegas is known as the entertainment capital of the world for good reason. Some of the world's largest resorts are in Las Vegas, featuring world-class entertainment, restaurants and shopping. Currently more than 5,000 people a month move to the Las Vegas valley, which includes the cities of Las Vegas, Henderson, Boulder City, North Las Vegas and the master planned communities of Summerlin in Las Vegas and Green Valley in Henderson." Says Realtor Peggy Donohue, "The Strip area plans many new high-rise condos, and beautiful new homes in the surrounding areas. There are high-rises with elegant private clubs, equipped with all the amenities, stunning upgraded units with views of the Strip. Las Vegas and the surrounding areas of Summerlin, Henderson, and many new developments maintain a steady rise in pricing and sales. It is not as hot as mid-summer when supply was less prevalent than demand, yet the prices climb steadily." "The Las Vegas market is stable after last year's rapid appreciation," observes Realtor Carl Uthman. "The median prices for both new and existing homes in Las Vegas dropped in February from the previous month, though they're still substantially higher than a year ago," a local housing market expert said Wednesday. "The new home median price in February was $286,805, down 3.9 percent from January's median price of $298,532," said Larry Murphy, president of SalesTraq. "It's a 34.7 percent increase from $212,966 in February 2004. Resale median prices dropped to $235,000 after remaining flat at $250,000 for the previous seven months." |
