Rent Real EstateLas Vegas Market Remains Strong
Realtors Pete and Terry Slater say, "The current market conditions have been changing. Even with the threat of interest rates climbing, home values have held. Level of inventories have increased to over 10,000 single family homes on the market. If this trend continures you will probably see a decrease in home values. There are some indicators that show us 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."
"Housing price appreciation falls in second quarter. Las Vegas Valley housing price appreciation dropped 6.4 percentage points during the second quarter, yet still remained 2 percent higher than a year ago, reports Applied Analysis, a Las Vegas economic research firm," say Realtors Chuck and Jan Dalton.
The Daltons continue, "Although local housing saw a strong 26.9 percent appreciation rate in the second quarter, it also reflected a significant slowdown in growth during the first half of 2005. And while valley appreciation rates were less than those of Reno and Phoenix, it still remained well ahead of San Diego and Denver. "Las Vegas ranked among the top two fastest-appreciating metropolitan areas in each of the last four quarters," said Jeremy Aguero, principal of Applied Analysis. "Its ranking slipped 19 places to 21st in the scored quarter of 2005, as the region reported a comparably modest 4.4 percent quarterly appreciation rate."
They add, "The number of homes listed for sale increased 1.5 percent in August to 15,355 available units, while the amount of time it took to move those homes also rose from the previous month, reports the Greater Las Vegas Association of Realtors. Meanwhile, median valley home prices reached $309,000 in August, or $2,050 higher than in July. Las Vegas" housing price appreciation apparently peaked in the third quarter of 2004 with a 43.3 percent gain, and has steadily declined ever since, according to Applied Analysis. Yet national appreciate rates of 13.4 percent during the past year are still about half of those experienced in the Las Vegas market."
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