Las Vegas Real Estate Ranks In Top Ten

In a report issued by the National Association of Realtors, which tracked home price appreciation increases in 136 metro markets across the nation, from the first quarter of 2004 to the end of first quarter 2005, Las Vegas real estate was ranked in the number 6 spot.

Las Vegas real estate gains averaged 29.4% for the past year with a median home price of $291,000. Cities in Florida showed the highest gains, dominating the top ten list by ranking in spots 1, 2, 3, 5, 7, 8, 9, and 10; showing gains as high as 45.6% to a "low" of 27%. San Bernardino, CA, took 4th place with gains averaging 32.6%.

Price increases are expected to slow down somewhat as mortgage rates continue to climb; however, it is predicted that the effects won't be seen for another year or more, or until the supply of housing begins to outpace the demand.

In Las Vegas it's anybody's guess when the demand for housing will abate, particularly given its latest vertical phenomenon of high-rise construction, attracting buyers from all over the world. The momentum of buyers for Las Vegas homes and Las Vegas high-rise condos continues to swell.

A bit of advice to all those considering a move to Las Vegas... get your bid in now.

Konnel Peterson
REMAX Associates