The sizzling hot Las Vegas real estate market has cooled during 2005. The median price* for a new Las Vegas single-family home was $312,500 in December, 2005. The average price** was $378,651. The December, 2004 median new home price was $275,000 and the average price for a new Las Vegas home during December, 2004 was $318,592. Days-on-the-market went up from 48 in December, 2004 to 52 during December, 2005.

A year and a half to two years ago, homes in Las Vegas were selling at ten to twenty percent above comparable homes in their neighborhoods. With this sellers’ Las Vegas real estate market, sellers would get multiple offers over their list price. Homes are now selling about the same as comparable homes that have sold within 30 to 45 days.

Also, the frenzied Las Vegas investment housing market is being cooled by more owner-occupied homes as out-of-state investors who purchased real estate during the last few years are selling their homes. With a slow-down in the Las Vegas real estate market as inventory grows, there is more of a buyer’s market. Now multiple offers over list price just don’t happen. Sellers have to market their homes more aggressively and make sure their homes have lots of “curb appeal”.

Apartment-to-condo conversions of about 7,700 during 2005 are a factor skewing some of the Las Vegas homes market figures. Excluding these condo conversions, the median price of a new home during 2005 was $345,130 which is up 18.9% as compared to 2004. With the condo conversions included, the median price of a new Las Vegas home during 2005 was $309.990.

The Las Vegas homes market produced 30,750 closed new home sales during 2005 (or 38,517 including apartment-to-condo conversions). This compares to 29,248 closed new home sales during 2004.

The number of active subdivisions in the Las Vegas new homes market during 2005 was 410. The average building lot size was 4,500 square feet. The top two new home builders in Las Vegas are KB Homes and Richmond American. Next on the list would be Del Webb, DR Horton, Pulte Homes, and Beazer Homes. The average price per square foot of a detached home was $ 175.28.

The source for the Las Vegas homes market statistics above is Home Builders Research Inc. of Las Vegas. The area covered to produce the statistics is the metropolitan Las Vegas area in Clark Counting including Las Vegas, Henderson, North Las Vegas and Boulder City.

Most experts conclude that even though the Las Vegas homes market has slowed. The bubble hasn’t burst. They don’t see that happening since people keep pouring into Las Vegas which has a strong economic outlook with continued job creation and an unemployment rate of only 4%.

As of January 30, 2006 there were 24,189 Las Vegas real estate listings on the Multiple Listing Service maintained by the Greater Las Vegas Association of Realtors. This includes listings in the following categories:

Single family residential Multiple dwelling Vacant/subdivided land Commercial/industrial Office/industrial/retail lease Business opportunity Residential rental

If you have questions about the current Las Vegas homes market, contact us for a prompt response including information about the various neighborhoods and communities in the Las Vegas Valley. Also, if you would like to view all available new and resale homes, condos and land, use the Free Las Vegas Homes MLS Search for customized listings .

* Median price is the price where half the homes sold are above that price and half the homes sold are below that price.

**Average price of a Las Vegas home is the price resulting from adding all the sales prices then dividing that number by the total number of homes sold.

Previous Las Vegas Homes Market Updates:
March, 2005