Las Vegas home and condo sales numbers will smash all records during 2004! For buyers, the frenzy of the spring has abated with an increase in housing inventory. This “frenzy” in the Las Vegas real estate market is shown in the fact that during March of 2003 there were 2,187 resale homes sold compared to the 3,460 resale homes sold in March of 2004. Also, the average price of this home was $205,618 in March of 2003; it increased to $280,534 in March of 2004.

Las Vegas Real Estate market statistics for September, 2004 show that the median price of a single-family home was $280,000 which is 51% higher than September, 2003! There were 2,922 resale homes sold during this month which is 4.2% higher than September of 2003. Days on the market for these homes in September, 2004 was 31 as compared to 34 days on the market in September, 2003.

Economic indicators show that the Las Vegas real estate market ranks number one in the entire nation. When compared to other real estate markets throughout the United States, the Las Vegas real estate market is the most aggressive, fastest growing area with the highest appreciation rate a homebuyer can find.  

The location of Las Vegas attracts the California investor since it is only a few hours away by car or plane and is located in the desert which makes for a true getaway. Those who choose to invest in the Las Vegas real estate market in an owner-occupied home or to purchase a rental property are going to experience good growth.  

The Las Vegas real estate market is based on supply and demand. Since the city itself is built on one big industry and many small companies who are moving to Las Vegas for the corporate and tax advantages, the unemployment rate is usually very stable. The Las Vegas real estate market endures quite well under economic strains and has had a huge success within the past 8 years.  

New businesses flourish with opportunities galore as homes are being constructed before grocery stores have a chance to open. The Las Vegas real estate market includes commercial strip malls, industrial areas, airports, roads, and an average of 19 schools being built yearly.  

The Las Vegas real estate market covers an area where the climate is dry, the winters are cool, and the summers are hot. There is always something to see and learn about within the Las Vegas real estate market since it is ever changing.  

New home developments require a wait or “interest” list that could take as much as 1-2 years before signing a purchase contract. Some new homebuyers will be forced to drop out of the wait list since prices are rising between $5,000-$30,000 per month.  

The Las Vegas real estate market includes elegant luxury homes, golf course homes, retirement communities, family-oriented gated comminutes, man-made lakes, and condominium/ town houses. Beautiful landscapes and a leisure lifestyle coincide with the Las Vegas real estate market and sweeping views of the mountains and Las Vegas city lights.

If you are planning to relocate in the Las Vegas area, contact us for a prompt response to any questions you have about the Las Vegas real estate market. We invite you to visit our website to view updated daily listings of Las Vegas homes at Free Las Vegas MLS Search