Clearly, the first half of 2018 was very bright for the real estate market in Las Vegas and still continues to be. The high demand of properties in this area is due to the key factors directly influencing people’s way of life in one community, such as economic and property value growth, population growth, and improved career opportunities, that contribute for this city to become the most sought-after market this year. After decades of recovering from the financial crises that hit Las Vegas, now the city is trying to build a stable economy with numbers only being positive. The city has welcomed many newcomers recently either for business opportunities or retirement, especially people from California. More and more Californias are looking for an alternatives to escape the high living cost and the high taxes, so they decide to move buying condos for sale in Las Vegas or luxury homes at half the cost of their exsisting market.
According to Review Journal, there are no signs of slowing down the constructions and the high rise in sales and prices in this market. In Clark Country in July, the percentage of sold estates was for 22.4 % higher from the same month last year. The same source states that, overall, 6 016 homes were sold this year through July, which is 20 % up compared to last year. Moreover, Home Builders Research reported that 846 sales were closed in Clark Country in July with a median price of $380,032. Compared earlier this year, for example, at the very beginning in January, when the median price was $301,517. This year in August, the median price range for homes in Las Vegas is higher for 13.5% compared to the same month last year. Although, most of the homebuyers are interested in purchasing single-family homes, condo living and townhouse constructions are becoming common as well. In August this year, the average days for house on the market was 29 days and for condominiums 25 days. In May, according to stats by the Greater Las Vegas Association of Realtors (GLVAR), 87.2% of local homes and 91.4 % of local condos and townhomes were sold within 60 days.
The Las Vegas real estate market continues to be steady month by month, and many experts are expecting even a higher climb later this year. According to William Margita, an experienced luxury real estate agent and industry expert, the city has millions of hidden treasures that will be reinforced in the near future. There is one characteristic for Las Vegas that makes the city stand out from the crowd. Mainly, residents in Las Vegas have the chance of experiencing both fast-moving and slow or quiet lifestyle. Both ways of living can be found and experienced in some of the many modern and equipped neighborhoods this city offers. Great innovations such as the NFL Stadium, Resorts World and Wynn’s Paradise Park also contribute for driving the real estate market in Las Vegas on an upper scale. Those innovations mean that there will be more and more jobs coming on the way which automatically leads to a growing population looking for purchasing a new home.
Although the housing prices are increasing and are not expected to drop in this area very soon, investing in new housing properties in Las Vegas is still on a high demand. However, there are several top spots that buyers find as top neighborhoods for their real estate investing. According to a survey done by Life Storage on Las Vegas residents in March this year, Green Valley, Summerlin, Centennial Hills, Southern Highlands, Seven Hills, Queensridge and Spring Valley, were specified as the best neighborhoods for rising a family. On the other hand, Anthem, Sun City and Alliante are best rated for retirees. Those top neighborhoods were determined based on a set of criteria including high incomes, low unemployment rate, low crime rates and high population density. The above mentioned neighborhoods are definitely the ones in which homebuyers will find their preferred property that is worth their money invested. Indeed, depending on individual’s preferences, whether buyer’s preference is a guard gated, master-planned or age restricted communities, there are definitely a number of neighborhoods in Las Vegas that can meet every individual housing choices.
The high demand of properties in Las Vegas led to shortage of available options in the real estate market. Due to the reason that the city remains as the most demanded real estate market, many homeowners are resistant to selling their properties with the hopes that the market will continue to grow and the value of their properties will continue growing along with it. Therefore, they decide to keep their properties for now and wait for the value to increase even more. Everyone deciding to invest in the Las Vegas area has huge benefits coming with it. Property owners continue to increase their wealth by selling their properties and construction companies are realizing great opportunities for starting new project due to the population growth. All in all, there are no signs that the real estate market in Las Vegas will cool down in the near future. For current news and update on the Las Vegas housing and real estate market see LasVegasRealEstate.org
About LasVegasRealEstate.org
LasVegasRealEstate.org is a top rated source for Las Vegas real estate news and market updates to include all MLS homes for sale in Las Vegas, NV and surrounding cities and communities to include Henderson, NV & Summerlin. William Margita of Simply Vegas is has over 20 years experience as an agent, speaker, writer and real estate coach. He can be reached for questions, concerns or bookings at 702-882-8240 https://www.lasvegasrealestate.org/
