Las Vegas Home Prices Near 2004 Pricing

Las Vegas Home prices are dropping to levels we haven't seen since 2004! What is causing prices to drop 40% to 50% in some areas? Las Vegas Short Sales and Foreclosures are the culprits! Banks and Lenders have way too many homes on their books, so they are slashing Las Vegas Home prices to get these homes sold as quickly as possible.

What this means is great deals for buyers! Buyers who just a couple of years were priced out of the market can now purchase homes in the high 180s! Prices should begin to level out as inventory drops, but there is not an indication yet when inventory will begin to drop. It could be as early as spring of 2009 when Project City Center, along with other Las Vegas Strip Projects open and begin to contribute new jobs to the local economy. These Las Vegas Strip Projects are expected to create over 113,000 jobs over the next 5 years starting in 2009. These jobs will be filled by those relocating to Las Vegas and they will need housing! Local experts predict that the Las Vegas Housing Inventory will be absorbed and we could see a repeat of 2004 with prices starting to rise!

So if you are going to buy, the time to buy is now!!!

Gambling on the Las Vegas Real Estate Market?

Can the commercial boom that Las Vegas is experiencing rescue the Las Vegas residential home market? My opinion, yes! Over the next 5 years, we are going to see the opening of Project City Center which will create 20K to 30K jobs, Echelon Place and Donald Trump’s second tower! There is an estimated 30 billion being spent on new development on the Las Vegas Strip and over the next 5 years we can expect an additional 15 billion to be spent. So how will that affect the Las Vegas Housing Market?

Currently we are seeing an over abundant amount of inventory, which is causing Las Vegas Home prices to fall. I expect we will continue to see home prices dropping into late 2008 and then home prices should begin to level out. As we enter 2009, we will begin to see many of the Las Vegas Strip projects nearing completion. This means they will begin to fill job positions and the local Las Vegas Economy will not be able to absorb all the new job positions that these projects are creating. We will begin to see a migration of people moving into Las Vegas to fill these job positions. With this migration, the Las Vegas Housing Market will see much of its inventory absorbed which should allow our market to stable.

So if I were a gambling man, I would bet on Las Vegas having a strong housing market in 2009! That means if you are going to buy a Las Vegas Home, you should buy before 2009 when Las Vegas Home prices will start going back up!!!