Las Vegas Homes

Last year brought one of the largest booms in new Las Vegas home construction as well as resale in Las Vegas history. According to Home Builders Research, 29,248 (twenty nine thousand two hundred forty eight) new homes were sold in Las Vegas. That is about a 15.9 percent increase from 2003.

A number of these sales, 667 to be exact, were Las Vegas condo-conversions.

The number of resale Las Vegas homes increased by 28.9 percent, totalling 64,618 sales. Not only had the quantity of resale and new homes rose at record numbers, the prices followed right along with them.

By December 2004, the median price of a new Las Vegas home was $290,287.00, raised 38.5 percent since last year. Fourth quarter prices did seem to level out towards the end of the year. The median price for the resale market ended at $250,000.00. This rose from last year which was $180,000.00, equalling a 38.9 percent increase.

Inventory also increased.  About 11,000 Las Vegas homes are listed at any given time. Job growth is a driving factor according to John Restrepo of Restrepo Consulting Group. Employment opportunities were abundant, growing by 47,500 from the previous year.

As far as the commercial aspect of the Las Vegas real estate market, construction and leasing were huge in 2004 according to an executive at American Nevada Co. Mixed use centers were constructed and leased almost as soon as the ideas were sprung. The District at Green Valley Ranch for example, this is an $80 million mixed-use urban entertainment center completed in April. The District boasts more than 400,000 square feet of specialty shops, restaurants, lofts, and offices. Occupancy rates consistently exceed 96 percent.  Key factors in the appeal of these type centers are proximity to downtown, freeways and the airport. Proper demographics can make the difference in making or breaking a project.

For more information on locating the Las Vegas home that fits your family's needs, contact one of the Peterson Team Pro's Toll Free: 1-800-LVHOMES (584-6637) or Direct: (702) 858-7777 or to email us just CLICK HERE!

We will demonstrate to you how we are know as "one of the hardest working Teams in Las Vegas Real Estate!"