Las Vegas Home Price Appreciation
During the first six months of 2003, Las
Vegas residents saw a shift from a buyer's market to a strong
seller's market. Compared to 2002, sales prices were typically
97-99% of the list price. Now, most offers are coming in at
list price or higher, thereby, driving the Las Vegas home prices
in a consistent upward trend and increasing the rate of Las
Vegas home price appreciation.
Sellers are seeing their properties receive offers, and in some
areas multiple offers, demonstrating the fact that there is
a demand. Statistics have shown that Las Vegas real estate that
is listed below $200,000 is on the market for less than a week
and many Las Vegas properties are sold the first day they are
on the market.
The Las Vegas Valley has been experiencing a strong increase
in real estate appreciation. In many areas, Las Vegas home prices
are beginning to soar and there's a noticeable increase averaging
from 1% - 3% increase per month.
Accelerated Appreciation
One of the main reasons why over 8,000
people are moving to Las Vegas on a monthly basis is because
housing is still affordable in comparison to other US cities.
It's considered the fastest growing city in the nation and has
been attracting homebuyers to a city that offers good employment
opportunities, no state tax, and a reasonable cost of living
index.
Investors in Las Vegas real estate from all parts of the country
are encouraging home prices to continue upward, especially Californian
investors and re-locators. When there's a supply and demand
and the market trend shows more buyers than sellers, prices
tend to rise and Las Vegas home appreciation accelerates.
2003 Las Vegas Home Sales Statistics Take a Big Leap
Price ranges for the following were reported
at the close of 2003 for Existing Las Vegas Single Family
Homes:
| |
Median Price |
Average Price |
| 2 Bedrooms |
$ 146,625 |
$ 160,610 |
| 3 Bedrooms |
174,995 |
192,692 |
| 4 Bedrooms |
241,500 |
284,152 |
| |
|
|
| TOTAL UNITS |
187,500 |
224,856 |
| Single Family Units |
$ 205,000 |
$ 286,947 |
Price ranges for the following were reported
at the close of 2003 for Existing Las Vegas Condo Homes:
| |
Median Price |
Average Price |
| 2 Bedrooms |
$ 101,000 |
$ 116,648 |
| 3 Bedrooms |
131,000 |
161,304 |
| 4 Bedrooms |
140,950 |
163,614 |
| |
|
|
| TOTAL UNITS |
109,000 |
115,000 |
| Condo Units |
$ 115,000 |
$ 160,100 |
Las Vegas Home Sales Activity for 2002
Las Vegas home sales statistics for a median
price home in previous years are as follows:
| Las Vegas median home price |
2002 |
$186,827 |
| Las Vegas median home price |
2001 |
$178,920 |
| Las Vegas median home price |
2000 |
$161,893 |
| Las Vegas median home price |
1999 |
$147,750 |
| Las Vegas median home price |
1998 |
$127,250 |
Las Vegas New Home Sales 22,502 (down
1.9% from 2001)
Las Vegas New Home Permits 22,050 (up 4% over 2001)
Las Vegas Existing Homes Sales 38,621 (up 12.2% over 2001)
Average Price of a new Las Vegas home $222,206
Median Price of a new Las Vegas home $186,827
Median Price of a resale Las Vegas home $157,000
Number of active subdivisions 280
Average square footage of a new detached home 2,386
Average price per sq. ft. of a new detached home $98.83
Average building lot size 5,500 square feet
Homebuilders with 5 or more closed sales 118
Please contact
us if you have questions about Las Vegas home price appreciation
or Las Vegas real estate. To view all available Las Vegas real
estate properties, use the Free
Las Vegas Homes MLS Search. |
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Equal
Housing Opportunity