New Construction Sales Rise in Las Vegas

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Demand for homes is climbing in southern Nevada, particularly new construction. Actually, new home sites for new homes and planned neighborhoods have been steadily increasing. This is due to a population boom is the desert, coupled with increasing demand outstripping existing inventory

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The Las Vegas market has rebounded so strongly that the city has its highest growth curve since the housing bust. For example, according to Las Vegas Now, in 2004, 32,000 new home permits were requested, compared to 3,000 in 2011. Further, that number has risen steadily and increased by 18 percent in 2017. Brokers site a solid demand and low supply with a deficiency of available properties for sale. If the current trend continues, housing prices could raise by six to eight percent.

Within Clark County, developers signed off on 831 new homes in March. This peak brought the year-to-date totals to a whopping 2,023. That was up 33.5 percent from a similar three-month time span a year ago and the most first-quarter deals since 2008, as indicated by Home Builders Research.

Las Vegas homebuilders have had a sharp uptick in deals this year, and there are “no indications of it moderating,” another report says.

Deals costs have been floating close record levels for as long as year or somewhere in the vicinity, the report stated, and March was the same. The average house cost $329,900, which represents an increase of 5.5 percent from this time a year ago. Meanwhile, this is just $8,660 beneath the pinnacle reached in summer 2007.

Manufacturers likewise received 907 new construction in March, making the year’s total 2,237 so far. That was up 8.9 percent from same period a year ago and the most first-quarter licenses since 2007, heralding a healthy market.

In Las Vegas, home sales are still 34 percent lower than the peak. Nevertheless, across the U.S., values are 6 percent below the peak, according to Zillow. Las Vegas’ had the highest gap among the metro areas in the report. highlighting Southern Nevada’s rapid home-value growth last decade and devastating crash.

Many buyers don’t realize that they can take a real estate agent with them to represent them in a new home purchase. Since it doesn’t cost them anything extra generally, it’s in their favor to have their own representation and someone to negotiate on their behalf. ~ Lori Ballen, Las Vegas Real Estate Agent at Keller Williams Realty Las Vegas Summerlin

Homeowners that currently live in property where they are not the original owner are increasingly buying new construction to avoid re-modeling costs and hassle. Whether or not the Las Vegas boom is sustainable, demand is expected to continue as people are starting to gather a taste for new houses and all the opportunities that go along with then.

 

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Others have asked: What Credit Score is Needed to Buy a House

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