Real Estate Investing Conditions Improve in Las Vegas
Las Vegas median home prices reached $200,000 for the first time since 2008 according to the Greater Las Vegas Association of Realtors (GLVAR). Putting this into perspective the Las Vegas peak prices was $315,000 in 2006 and the lowest median price was $118,000 in 2012.
Las Vegas home values were up 23% this past year and are expected to rise another 8.5% by spring 2015 according to Zillow. Nationally home prices rose 6.3%.
There are more homes available on the market, however, there are fewer distressed sales and more traditional sales. We have returned to a more normal market with fewer foreclosures and short sales.
According to Stephen P.A. Brown, Chief Economist at the Center for Business and Economic Reasearch at UNLV "the U.S. economy is on the cusp of acceleration and Nevada is returning to its long-term trends". Brown said "Southern Nevada's economy will continue to strengthen through 2014 as tourism, gaming, construction, and housing industries plod toward pre-recession levels.
Visitor volume is on a record pace and is expected to eclipse 40 million people for the first time.
Gaming revenues are up to $900 million monthly
In 2013 Nevada was second only to North Dakota in job growth rate. In 2014 Nevada is off to a good start with a 5.1% increase in the first 4 months of the year.