Employment Growth Driving Demand For Housing

The record-breaking demand for Las Vegas homes is being driven by strong job growth, according to Restrepo Consulting Group principal John Restrepo. "Clark County job growth pushed the ratio of employment to building permits to 1.46 in October, compared with 0.83 at the end of 2003 and a norm of 1.26," said Restrepo. "Employment grew by 47,500 while 32,156 housing permits were issued during the same period."

With the expectation of the employment-to-permit ratio continuing to climb in 2005, it is anticipated that the Las Vegas real estate market will move from low mortgage rate-driven demand to employment-driven demand. While new residential construction may slow a bit in Clark County in 2005, continued strength in sales should remain evident, according to Restrepo.

Las Vegas Real Estate Sales and Median Prices Continue To Rise

New home sales in the Las Vegas real estate market hit a record high of 29,248 in 2004, representing an increase of 4,018 (or 15.9 percent) over 2003, according to Home Builders Research. Even more impressive according to the research, was the total of 32,879 new Las Vegas home permits issued, representing an increase of 7,665 (or 30.4 percent).

President of the local housing research company, Dennis Smith, reports that the median price of new Las Vegas homes rose to $290,287 in the month of December 2004, an increase of 38.5 percent when compared to the same month in 2003. Smith predicts this median price for new Las Vegas homes to surpass $300,000 by the second quarter of 2005.

The median resale price for Las Vegas homes rose by 38.9 percent to $250,000 in December, an increase of $70,000 when compared to the same month in 2003.

Meet The Peterson Group

Hi,

My name is Konnel Peterson of the Peterson Group with REMAX Associates in Las Vegas Nevada.

The purpose for this Blog is to help keep our current and future clients up-to-date and informed about news and events in the fast paced Las Vegas real estate market as well as changes in the REMAX Associates organization or Peterson Group.

As a real estate professional since 1986, I am proud to be the Team leader for the Peterson Group.

You will find that not only are all members of our team able to assist you in locating the Las Vegas home that fits your specific criteria, they will do so enthusiastically with unrivaled service in the Las Vegas real estate market.

All of our team members are professional, courteous and eager to assist.

Regardless of whether you are buying or selling a home, condo or Hi Rise Condominium, we can demonstrate to you how we have earned our reputation for Service Excellence.

Thank you for visiting, and please come back often.

Sincerely,

Konnel Peterson
Broker / Sales
REMAX Associates
Las Vegas, Nevada