Las Vegas Real Estate Market - 2006 Reflections

Las Vegas Real Estate Market - 2006 Reflections by Joel Teo

As another year comes to a close it's a great time to ponder what 2007 will bring to the Las Vegas real estate market. Perhaps 2006 reflections will give us a clue of what we have to look forward to.

There's more to Las Vegas than neon lights, casinos, and late night entertainment. It's also a wonderful place to put your roots down. Here is a state with no state taxes, low unemployment, lots of recreation and parks, and terrific neighborhoods to raise your children in. And it's apparent that this little secret is out says the Las Vegas real estate market of 2006 statistics.

If you prefer the look and feel of a country club atmosphere just head to North Las Vegas and check out the North Las Vegas real estate market where you will find planned communities designed for active adults that want to make Vegas their home or perhaps even retire here - after all the weather's perfect. The Las Vegas real estate market reflected just that last year.

Based on the most recent Las Vegas real estate market information collected from the MLS records it appears that the house prices in the Las Vegas real estate market are still very close to what they were in the latter part of 2005.

During 2006 the Las Vegas real estate market saw the average single family dwelling was selling around the $340,000 for a one bedroom home, $370,000 for a three bedroom home, and $520,000 for a four bedroom home.

The Las Vegas real estate market also saw town homes and condos come in around the $250,000 figure. And although no numbers are presented for commercial development there was at least a 20% increase on average over what the Las Vegas real estate market saw in 2005.

It's interesting to note that although the selling price for 2006 was up the Las Vegas real estate market saw a decrease in the actual number of homes that sold although for those houses that did sell more than 65% sold in less than 60 days.

You might be surprised to discover that the average family income for 2005 was just over $50,000 and the medium household income average was around $45,000. These numbers would indicate that the average purchasers where not wealthy but in fact living on a modest income.

The Las Vegas real estate market caters to three different markets two of which fit the average earnings criteria - those that have retired living on a fixed income and your average younger family.

Then there is one third of the market that fits the criteria of wealthy. This group finds their home in Vegas for a variety of reasons - entertainment, business and investment opportunities, climate, and location. Whatever the reason that brings this group to the area to explore the Las Vegas real estate market they know exactly what they want.

The Las Vegas real estate market is a lucrative market that can provide a home now and an investment for the future.

Copyright © 2007 Joel Teo. All rights reserved. (You may publish this article in its entirety with the following author's information with live links only.)

About the Author
Joel Teo writes on various financial topics including Investment Properties in Las Vegas. Learn more about Investment Properties in Las Vegas in our Real Estate

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The Las Vegas Real Estate Market - 3 Trends For 2007

Las Vegas Real Estate - 3 Trends For 2007 by Joel Teo

There is no question that the Las Vegas real estate market has recently exploded. And it is expected to continue on this upward trend for quite some time. Here are 3 trends for 2007 Las Vegas Real Estate. If you've been considering entering this market it's definitely time to take action before it is just too expensive to get into.

Las Vegas Real Estate Growth Trend The primary trend for Las Vegas real estate in the past three years has been one of continuous growth and because it is such a strong trend both buyers and developers are having a very difficult time keeping up with the rapidly increasing prices.

As fast as these homes hit the Las Vegas real estate market it seems that they are sold and there's no one type of house that's breaking all the barriers. Both condos and single family homes are equally in demand.

From a seller's point of view this fantastic Las Vegas real estate market isn't passing anyone by. It's anticipated demand is going to continue to exceed supply in 2007 and that means construction is going to be on the rise with new development playing a significant role in the market.

It's difficult to predict just where the average home will land up in price as a lot depends on development and how many homes actually land up on the Las Vegas real estate market making it very difficult to try to predict what the market place value will be overall. Once again the Las Vegas real estate market is going to be a very hot commodity.

Las Vegas Real Estate Buyers Are Becoming Wealthier Today a more affluent buyer is flocking to Vegas and entering the Las Vegas real estate market. The weather is very attractive and there is plenty of entertainment two reasons why Vegas is attracting these buyers with plenty of time on their hands looking for a host of entertainment opportunities to be at their disposal. Their high disposable income has them buying expensive luxurious homes.

Las Vegas Real Estate Buyers Will Be Younger 2007 is predicted to see even younger faces enter the market. The Generation X is becoming a market contender rather quickly recognizing the opportunity there investment grow and an unprecedented pace. And with the average house price ranging in the Las Vegas real estate market coming in around the $350,000 mark that is definitely not going to break the bank. These young buyers are extremely knowledgeable about the market they are buying in. And they are also an extremely demanding bunch because they aren't just looking for a home they are looking at an investment.

The Las Vegas real estate trends for 2007 see this market staying very hot and very lucrative for although the increased demand has caused an increase in prices compared to other parts of the country Las Vegas is still offering some very affordable housing prices and the Las Vegas Real Estate market continues to be one of the most active markets in America.

Copyright © 2007 Joel Teo. All rights reserved. (You may publish this article in its entirety with the following author's information with live links only.)
About the Author

Make money in the Las Vegas real estate market. Buy Siezed Real Estate at 90% of Market Value - Click now to learn how!