The Las Vegas Housing Market 2013

We’ve all seen the dramatic real estate bubble roller coaster and its specific effects on the Las Vegas housing market, which grew exponentially during the boom, and came crashing down equally hard throughout the bust.  But where are property values now and where might they be headed in the future?  Let’s first examine some data for the national big picture, before zeroing back in on the Las Vegas housing market.

 

Experts Believe Real Estate has Reached a Major Turning Point

Beginning with the 3^rd and 4^th quarter of 2011, a modest but distinct increase in property prices and sales foreshadowed a continuing upward momentum.  Since October 2012 the real estate market has shown steady progress.  According to the Wall Street Journal in April 2012, the Real Estate market showed all the signs of healthy recovery  including:

• Increased housing starts
• Rebounding sales for existing homes
• Renewed interest in home-builders from Wall St investors

 

Real Estate Investment Outlook Highly Favorable in 2013

All the upward trends as of 4^th quarter 2012 continued into 2013.  In the Las Vegas housing market, the strong upsurge in sales has significantly impacted the number of vacant homes available, increasing tenants’ demand for rental homes, which in turn triggers greater interest from investors looking for income property.

 

Top Housing Markets Trending Upward

From February 2013 to February 2013 home values across the U.S. rose 5.1% according to Zillow data.  In 10 of the 30 largest housing markets with Zillow data records, home prices rose over 13%, and in five of those markets prices actually rose more than 20%!  In many of these markets unemployment levels have decreased and construction employment has risen – both indicators of an improved economy.

 

The Las Vegas Housing Market is Second on Hot Housing Markets List

In the most recent quarter alone, home values here rose over 7%.  Given the deep plunge (59%!) that prices took between the peak in 1^st quarter 2006 to the bottom in 3^rd quarter 2012, values have not returned to pre-recession levels.  This means there is ample affordability in the market, where current average home value is $138,800.  With growth of 7.5% expected from 1^st quarter 2013 to 1^st quarter 2014 the home or income property you purchase today makes a smart investment for the future.  Retreating unemployment rates in the market also bode well for the outlook on real estate.

 The Las Vegas housing market, while full of new bright spots, can prove challenging for both Buyers and Sellers.  The amount of activity requires expert guidance from an experienced Realtor in order to navigate bidding wars, appraisal obstacles, proper pricing guidelines and many other key components for successful transactions.  With the right guidance and assistance, however, there is every reason to move forward in marketing or purchasing in the current market.

Whether you’re thinking of buying or selling a Las Vegas home, now is the time to stop sitting on the sidelines.  After reviewing, the case is clear that the positive signs outweigh the negatives. 

Call or email Eric D'Richards today and receive a free customized Market Analysis of your home and Always Look for the Silver Lining!!