Real estate appreciation rates in Las Vegas
After a 40 to 50 percent real estate appreciation rates in Las Vegas in 2004, the 19.5 percent overall gain in 2005, may seem pale in comparison --- but this, according to SalesTraq housing research firm president Larry Murphy, could actually be considered “almost a miracle.”
Initially predicting a negative appreciation for 2005, Murphy was even surprised for the 19.2 percent follow-up.
According to Wall Street and California University analysts, homeowners could sell their units now and buy them back in six-months time, guaranteed of a 30 percent discount. The changing trends in real estate prices in California seem to point out not-so-good tides in Las Vegas.
But according to Murphy, Southern Nevada would not necessarily be predictable to be weakening.
Since prices have skyrocketed in upscale communities such as Summerlin, Green Valley and Anthem, potentials could have shifted to areas with lower median prices such as those in northeast and central parts of Las Vegas.
Winchester area at the east has reached a 69 percent appreciation rate last year. Inner city areas have gone 36 percent to 44 percent on appreciation rates. While northern areas have increased up to 36 to 37 percent. Some of the highly appreciated areas last year, which include Summerlin and Anthem dipped recently.
As long as Las Vegas continues to have strong job opportunities and steady population growth, the real estate market will not be threatened, according to analysts. The decrease in appreciation could be a “cool off” from the very peak season enjoyed in 2004. But the cooling off right now only signals the “normal market” phase.
A higher appreciation for high-rise condominium market in comparison to single-family homes is apparent. The condo units have steadily lowered their prices while singe-family houses have escalated.
Initially predicting a negative appreciation for 2005, Murphy was even surprised for the 19.2 percent follow-up.
According to Wall Street and California University analysts, homeowners could sell their units now and buy them back in six-months time, guaranteed of a 30 percent discount. The changing trends in real estate prices in California seem to point out not-so-good tides in Las Vegas.
But according to Murphy, Southern Nevada would not necessarily be predictable to be weakening.
Since prices have skyrocketed in upscale communities such as Summerlin, Green Valley and Anthem, potentials could have shifted to areas with lower median prices such as those in northeast and central parts of Las Vegas.
Winchester area at the east has reached a 69 percent appreciation rate last year. Inner city areas have gone 36 percent to 44 percent on appreciation rates. While northern areas have increased up to 36 to 37 percent. Some of the highly appreciated areas last year, which include Summerlin and Anthem dipped recently.
As long as Las Vegas continues to have strong job opportunities and steady population growth, the real estate market will not be threatened, according to analysts. The decrease in appreciation could be a “cool off” from the very peak season enjoyed in 2004. But the cooling off right now only signals the “normal market” phase.
A higher appreciation for high-rise condominium market in comparison to single-family homes is apparent. The condo units have steadily lowered their prices while singe-family houses have escalated.
posted by realestatevegas | 9:27 PM
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